SL Green Refinances 245 Park Avenue for $2.0 Billion
Key Highlights
- ➤$2.0 billion refinancing replaces 245 Park Avenue’s $1.768 billion financing
- ➤6.52% five-year fixed rate priced at 147 basis points over Treasuries
- ➤SL Green hedged its share to an effective 6.37% interest rate
- ➤245 Park Avenue is 100% leased after repositioning at significantly higher rents
- ➤SL Green’s $7.0 billion 2026 financing plan nears completion
Expert Statements
Harrison Sitomer, President and Chief Investment Officer of SL Green
“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.”
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.”
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 46(th) and East 47(th) 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.
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