SL Green, Mori Building Form JV for $175M Madison Ave Office Tower Development
SLG sits 30% above its 52-week low of $34.77.
Summary
SL Green has formed a joint venture with Mori Building Co., Ltd., selling a 49% interest in the new 346 Madison Avenue development for a gross valuation of $175 million. SL Green will retain a 51% stake and manage the development and leasing of the approximately 850,000 square foot trophy office tower. This move reinforces SL Green's strategy of actively managing its portfolio and developing premier Manhattan office properties, following recent news of securing other asset management assignments. The significant valuation and partnership with a leading urban developer position SL Green for future growth in high-quality, sustainable office space.
At the time of this announcement, SLG was trading at $45.20 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $34.77 to $66.91. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.