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New York & Tri-State  + Midtown New York  + Office  |  November 22, 2024
Paul Bubny
By: Paul Bubny

SL Green Sells 11% Stake in One Vanderbilt; Deal Values Tower at $4.7B

SL Green Realty Corp. closed on the sale of an 11% interest in One Vanderbilt Ave. to Japan-based Mori Building Co., Ltd. The investment was completed at a gross valuation of $4.7 billion for the Midtown Manhattan office tower. After completion of the transaction, SL Green maintains a 60% stake in One Vanderbilt.

“One Vanderbilt is a globally-renowned and architecturally celebrated modern development, which has continued to demonstrate that well-located, highly amenitized and sustainable buildings will attract premier tenants and prestigious investors,” said Marc Holliday, Chairman and CEO of SL Green. “We are honored to welcome Mori Building Co., Ltd. into the ownership venture of One Vanderbilt Ave.”

Added Shingo Tsuji, president and CEO of Mori Building Co., “We are excited about joining the ownership venture of One Vanderbilt Ave., a modern landmark in Manhattan, and the relationship with SL Green who have long contributed to making NYC an attractive city.”

Standing 1,401 feet tall and completed in 2020, the 1.7-million-square-foot skyscraper is 100% leased.

Read More News Stories About: SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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