Globe St reports: Some significant changes are happening at the trophy office tower located between Manhattan’s 48th and 49th Streets, known as 280 Park Avenue. Under a recently announce recapitalization plan, SL Green Realty Group and Vornado Realty Trust have merged their equity stakes in the property to take a majority position, allowing the partnership to commence a $150 million repositioning and re-tenanting program on the building. This is the first time the two office-REIT titans have entered into a joint venture with each other.The remaining equity stakes will continue to be held by Broadway Partners, which, according to Real Capital Analytics data, purchased the building in November 2007 for $1.3 billion, and Murray Hill Properties. Murray Hill will continue managing and leasing the property. SL Green Realty CEO Marc Holliday stated in the release announcing the capitalization changes that, “Many great office properties were impacted adversely by the most recent market downturn, but now offer great upside potential to investors who have the resources to take advantage…We see 280 Park as one of those opportunities and we look forward to working with our partners to realize the property’s great potential.”
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