SL Green Realty has sold an 11% stake in One Vanderbilt, a premier office skyscraper in Midtown Manhattan, to Japanese firm Mori Building Co. The deal values the trophy property at an impressive $4.7 billion.
The sale reduces SL Green's ownership in the building to 60%, with other stakeholders including the National Pension Service of Korea and property investment firm Hines.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
