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SL Green sells UES portfolio

Buyer is still unknown

Image of 1231 Third Avenue (Credit: Thor Equities)

SL Green Realty has entered into a contract to sell an Upper East Side portfolio for $143.8 million to an unnamed buyer, according to a company press release. The deal includes 1231 Third Avenue, an assemblage at 252-254, 257, 259, and 260 East 72nd Street, and 31,076 SF of development rights.

Be Smart: With this deal, SL Green continues to divest “non-core assets” with a focus on its $2 billion share buyback program. This means that the REIT believes its stock price is undervalued relative to its assets. 

Quotable: CEO Marc Holliday: “We’re in a quirky period where REITs are trading at big discounts… Buying back your stock is the ultimate expression of your confidence in how cheap your stock is.”

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