Company’s $7.0 Billion Financing Plan Nears Completion
NEW YORK, Oct. 19, 2026 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, and its partner, a U.S. affiliate of Mori Trust Co., Ltd, today announced a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed rate financing was priced at a spread of 147 basis points above the US treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%. The single asset, single borrower (SASB) CMBS execution was agented by world class institutions led by JPMorgan Chase Bank, N.A., with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale and Citibank. The new financing replaces the property’s previous $1.768 billion of mortgage and mezzanine financing.
The 1.8 million-square-foot office tower located between East 46th and East 47th Streets is 100% leased, with a tenant roster that includes leading financial services and investment firms such as Société Générale, Ares Management, Houlihan Lokey, Carlyle and EQT Partners.
“We set out to transform 245 Park Avenue into one of the most sought-after addresses in East Midtown, and the results speak for themselves. The building is 100% leased at significantly higher rents than under prior ownership following a robust repositioning plan, and the strength of the capital markets for high-quality New York office is evident in this financing,” said Harrison Sitomer, President and Chief Investment Officer of SL Green. “This transaction brings our $7.0 billion 2026 financing plan to near completion, generating incremental liquidity, strengthening our balance sheet and extending our debt maturities.”
245 Park Avenue is a 44-story, Class A office tower occupying an entire block along one of Midtown Manhattan’s most prominent commercial corridors. Situated directly across from Grand Central Terminal, the property offers convenient access to the city’s transportation network.
SL Green, together with its partner and architecture firm Kohn Pedersen Fox, has undertaken a comprehensive redevelopment of 245 Park Avenue, repositioning the property as one of Park Avenue’s most desirable assets. The transformation includes two new lobbies, an expansive plaza renovation, a jewel-like terra-cotta overclad of the Park Avenue façade, an exclusive fitness and wellness center, and a rooftop amenity, along with a full modernization of the building’s infrastructure. Completion is expected in the first quarter of 2027.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.
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