SL Green completes $2B refinancing of 245 Park Avenue

SL Green Realty Corp. and Mori Trust have completed a $2 billion refinancing of the 245 Park Avenue office tower in Manhattan. The five-year, fixed-rate financing carries an interest rate of 6.52%, with SL Green hedging its share to an effective rate of 6.37%. The transaction, led by JPMorgan Chase and involving several other major banks, replaces $1.768 billion in existing mortgage and mezzanine debt.

The 44-story, 1.8 million-square-foot property reached 100% occupancy in September following a $225 million renovation. This repositioning included a redesigned facade, upgraded amenities, and a new wraparound plaza. Since SL Green took control of the property in 2022, asking rents have increased from approximately $85 per square foot to as high as $185 per square foot.

Key tenants in the fully leased tower include Société Générale, Ares Management, Houlihan Lokey, Carlyle, EQT Partners, and Nearwater Management. The refinancing is part of SL Green’s broader $7 billion financing plan for 2026.