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Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/real-estate/commercial/ office-landlords-use-cash-gifts-loans-to-inflate-building-values-92faae2a 1. Real Estate ----------------------------------------------------------------- 2. Commercial To Inflate Building Values, Office Landlords Offer Cash Gifts, Discounted Loans SL Green says skepticism about the value of its 245 Park Ave. sale is misplaced By Konrad Putzier Updated Jan. 22, 2024 3:23 pm ET Share Resize --------------------------------------------------------------------- Listen (2 min) [im-910582]The exterior of 245 Park Ave. in Manhattan Photo: Cam Pollack/The Wall Street Journal When SL Green Realty announced the sale of a 49.9% stake in a Manhattan office tower in June, the deal valued the building at around $2 billion. It was one of the largest U.S. office deals of the year, boosting the company's stock about 20% that day and helping buoy the beleaguered New York office market. But it came with a caveat. SL Green and other investment firms agreed to sell the buyer, Mori Trust, more than $500 million worth of the building's debt at a roughly 6% discount, said people familiar with the sale. SL Green didn't disclose these transactions in its earnings report, earnings call or press release. Copyright (c)2024 Dow Jones & Company, Inc. 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All Rights Reserved. Copyright (c)2024 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.