Stake Sale by SL Green Values 1 Vanderbilt at $4.7 Billion
Leading Japan-based urban landscape developer, Mori Building Co., Ltd has acquired an 11% stake in One Vanderbilt Avenue. The investment was completed at a gross valuation of $4.7 billion according to the press release by SL Green Realty. The roughly 1.7 million-square-foot tower is 100% leased boasting a roster a several big block tenants including Toronto-Dominion Bank (TD Bank), law firms Greenberg Traurig and McDermott Will & Emory LLP, and finance firm Stoneridge Asset Management. SL Green’s stake in the tower will lower from 71% due to the recent sale with the remaining 27.6% and 1.4% owned by the National Pension Service of Korea and Hines respectively. The transaction reportedly enabled the REIT to “raise about $200 million in cash to pay down debt.”