{"id":36516,"date":"2023-06-30T10:15:10","date_gmt":"2023-06-30T07:15:10","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=36516"},"modified":"2023-06-30T10:15:10","modified_gmt":"2023-06-30T07:15:10","slug":"mori-trust-buys-minority-stake-245-park","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/","title":{"rendered":"Mori Trust Acquires Minority Stake in SL Green\u2019s 245 Park Avenue"},"content":{"rendered":"

Japanese real estate developer Mori Trust acquired a minority share in 245 Park Ave., a 44-story Midtown office space<\/a> acquired by SL Green Realty in a bankruptcy sale last year. The deal \u2014 which is the largest to date in New York City \u2014 was valued at around $2 billion and included the assumption of a $500 million mezzanine loan with an interest rate of 4.2% that\u2019s set to mature in June 2027.<\/p>\n

The property\u2019s recent history captures the changing dynamics of the post-pandemic office market as it just changed hands in September 2022 amid its former owner HNA Group\u2019s financial struggles. The Chinese REIT had taken on $1.77 billion in senior and mezzanine loans when it struck a deal for the 1.7-million-square-foot office tower in 2017. However, the loss of its anchor tenant \u2014 Major League Baseball \u2014 coupled with the retreat of Chinese investment across U.S. real estate markets<\/a>, forced HNA to cut its losses and part with the building.<\/p>\n

Despite already holding $8 billion worth of portfolio investments across various U.S. office markets, 245 Park Ave. is Mori Trust\u2019s first such acquisition in New York City.<\/p>\n

\u201c245 Park Avenue experienced strong investor demand and continue[s] to see a focus on prime quality assets in New York City,\u201d said Young Hahn, senior vice president at SL Green.<\/p>\n

Notably, office space in Manhattan has been facing a series of challenges as of late due to rising interest rates; the growing trend toward hybrid or remote working; and the ensuing downsizing of workspace from many tenants. Yet, properties located near public transit hubs or in locations convenient for commuters continue to be attractive, and 245 Park Ave. had an occupancy rate of roughly 84% as of the latest reports.<\/p>\n

\u201cThe formation of this new partnership with Mori Trust reflects the continuing allure of investing in trophy midtown New York assets and the resilience of the Park Avenue corridor as New York\u2019s most desirable office market,\u201d said Harrison Sitomer, chief investment officer at SL Green.<\/p>\n

Following the agreement, SL Green retained the services of Kohn Pedersen Fox Associates, which will oversee the repositioning 245 Park Ave. Improvements will include a new podium fa\u00e7ade, new windows, and upgrades to the Park Avenue and Lexington Avenue lobbies and plaza.<\/p>\n

Looking to relocate?\u00a0Find your ideal workspace with\u00a0<\/em>CommercialCafe.com<\/em><\/a>. Browse the latest office listings in your preferred location and filter results by space type, size or asking price:<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Jersey City offices<\/a><\/td>Los Angeles offices<\/a><\/td>Fort Lauderdale offices<\/a><\/td>\n<\/tr>\n
Houston offices<\/a><\/td>Chicago offices<\/a><\/td>Newark offices<\/a><\/td>\n<\/tr>\n
Dallas offices<\/a><\/td>San Francisco offices<\/a><\/td>New York City offices<\/a><\/td>\n<\/tr>\n
Austin offices<\/a><\/td>Seattle offices<\/a><\/td>Fort Worth offices<\/a><\/td>\n<\/tr>\n
Charlotte offices<\/a><\/td>Las Vegas offices<\/a><\/td>Oakland offices<\/a><\/td>\n<\/tr>\n
Boston offices<\/a><\/td>Denver offices<\/a><\/td>The Woodlands offices<\/a><\/td>\n<\/tr>\n
Atlanta offices<\/a><\/td>Washington, D.C. offices<\/a><\/td>Manhattan offices<\/a><\/td>\n<\/tr>\n
Miami offices<\/a><\/td>Arlington offices<\/a><\/td>Portland offices<\/a><\/td>\n<\/tr>\n
Irvine offices<\/a><\/td>Philadelphia offices<\/a><\/td>San Jose offices<\/a><\/td>\n<\/tr>\n
Phoenix offices<\/a><\/td>San Diego offices<\/a><\/td>San Antonio offices<\/a><\/td>\n<\/tr>\n
Brooklyn offices<\/a><\/td>Queens offices<\/a><\/td>Pittsburgh offices<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Japanese real estate developer Mori Trust acquired a minority share in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year. The deal \u2014 which is the largest to date in New York City \u2014 was valued at around $2 billion and included the assumption of…<\/p>\n","protected":false},"author":56,"featured_media":36518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-36516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nMori Trust Buys Minority Stake in Midtown Office | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Mori Trust acquired a minority stake in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mori Trust Acquires Minority Stake in SL Green\u2019s 245 Park Avenue\" \/>\n<meta property=\"og:description\" content=\"Mori Trust acquired a minority stake in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-30T07:15:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1980\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Sabau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diana Sabau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/\",\"name\":\"Mori Trust Buys Minority Stake in Midtown Office | CommercialCafe\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg\",\"datePublished\":\"2023-06-30T07:15:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\"},\"description\":\"Mori Trust acquired a minority stake in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#primaryimage\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg\",\"width\":1980,\"height\":1280,\"caption\":\"Midtown skyscrapers\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mori Trust Acquires Minority Stake in SL Green\u2019s 245 Park Avenue\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/\",\"name\":\"CommercialCafe\",\"description\":\"Your Commercial Real Estate Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\",\"name\":\"Diana Sabau\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"caption\":\"Diana Sabau\"},\"description\":\"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.\",\"sameAs\":[\"diana.sabau@yardi.com\"],\"jobTitle\":\"Senior Content Writer, CRE News & Market Analysis\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Mori Trust Buys Minority Stake in Midtown Office | CommercialCafe","description":"Mori Trust acquired a minority stake in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/","og_locale":"en_US","og_type":"article","og_title":"Mori Trust Acquires Minority Stake in SL Green\u2019s 245 Park Avenue","og_description":"Mori Trust acquired a minority stake in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year...","og_url":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/","og_site_name":"CommercialCafe","article_published_time":"2023-06-30T07:15:10+00:00","og_image":[{"width":1980,"height":1280,"url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg","type":"image\/jpeg"}],"author":"Diana Sabau","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Diana Sabau","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/","url":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/","name":"Mori Trust Buys Minority Stake in Midtown Office | CommercialCafe","isPartOf":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg","datePublished":"2023-06-30T07:15:10+00:00","author":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241"},"description":"Mori Trust acquired a minority stake in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year...","breadcrumb":{"@id":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#primaryimage","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg","width":1980,"height":1280,"caption":"Midtown skyscrapers"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialcafe.com\/blog\/mori-trust-buys-minority-stake-245-park\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialcafe.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Mori Trust Acquires Minority Stake in SL Green\u2019s 245 Park Avenue"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialcafe.com\/blog\/#website","url":"https:\/\/www.commercialcafe.com\/blog\/","name":"CommercialCafe","description":"Your Commercial Real Estate Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241","name":"Diana Sabau","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","caption":"Diana Sabau"},"description":"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.","sameAs":["diana.sabau@yardi.com"],"jobTitle":"Senior Content Writer, CRE News & Market Analysis","url":"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/06\/Midtown-skyscrapers.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/36516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/comments?post=36516"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/36516\/revisions"}],"predecessor-version":[{"id":36519,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/36516\/revisions\/36519"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media\/36518"}],"wp:attachment":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media?parent=36516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/categories?post=36516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/tags?post=36516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}