SL Green Realty Corp. (NYSE: SLG) and its partner, a U.S. affiliate of Mori Trust Co., Ltd., announced a $2.0 billion refinancing of 245 Park Avenue in Manhattan, replacing the property's previous $1.768 billion in mortgage and mezzanine financing.

The five-year, fixed-rate loan was priced at 147 basis points above the U.S. Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%. The transaction was structured as a single asset, single borrower (SASB) commercial mortgage-backed security (CMBS), led by JPMorgan Chase Bank, N.A., with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale, and Citibank.

The 1.8 million-square-foot, 44-story Class A office tower, located between East 46th and East 47th Streets directly across from Grand Central Terminal, is fully leased. Tenants include Société Générale, Ares Management, Houlihan Lokey, Carlyle, and EQT Partners.

Harrison Sitomer, President and Chief Investment Officer of SL Green, said the transaction brings the company's $7.0 billion 2026 financing plan "to near completion, generating incremental liquidity, strengthening our balance sheet and extending our debt maturities."

SL Green, along with its partner and architecture firm Kohn Pedersen Fox, is undertaking a redevelopment of the property that includes new lobbies, a plaza renovation, a terra-cotta façade overclad, a fitness and wellness center, and a rooftop amenity. Completion of the redevelopment is expected in the first quarter of 2027.