Buyer is still unknown
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.”