New York City’s largest office landlord, SL Green, has secured a $2bn valuation for a Manhattan office tower after selling a 49.9% stake.
While that is a modest markdown from the 245 Park Building’s previous valuation, the price paid by Japan’s Mori Trust has been seen as a welcome vote of confidence in the New York office market.
“Rumours of New York’s demise are greatly exaggerated,” wrote Ruth Colp-Haber of Wharton Property Advisors, calling the deal “an unmistakably positive development”.
A recent study by JLL found that office buildings in New York had lost $76bn from their most recent sales prices.
