realestate

SL Green Refinances 100 Park, Acquires Partner's Stake

SL Green Announces Refinancing and Ownership Moves at 100 Park Avenue Office Tower

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L Green has made several moves at its Midtown Manhattan office tower, 100 Park Avenue. The company refinanced the property's debt, extending the maturity date of a $360 million mortgage to December 2027 while maintaining a 2.25% interest rate. Lenders provided an additional $70 million to the debt, a rare increase in recent years.

    SL Green also agreed to purchase its partner Prudential Financial's 49.9% stake in the property, which has been owned since 2000 as part of a joint venture. The company made Alvarez & Marsal's lease at the property official, a 220,000-square-foot deal that brings occupancy to 96%. This move comes after SL Green acquired the office portion of 500 Park Avenue from Morgan Stanley for $130 million and finalized an extension on a $743 million loan backing the property at 1515 Broadway.

SL Green refinances 100 Park building, acquires partner's stake in deal.