June 26, 2023
MORI TRUST CO., LTD.
TEL: +81-3-6435-8433

Mori Trust Acquires Partial Interest in
an office building and the renovation
project in Manhattan, USA
Aiming to increase the added value of the building by 2025
Mori Trust Co., Ltd. (Head Office: Minato-ku, Tokyo; President: Miwako Date)hereby announces that on June 24, 2023 (U.S. local time: June 23), it has
invested in 245 Park Avenue, an office building located in Manhattan, New York,through its U.S. subsidiary MORI America LLC.
The property will be jointly owned by SL Green Realty Corp., Manhattan’slargest real estate company, and will be renovated by 2025. Our total
investment in the property and renovations is expected to be 100 billion yen.

exterior

Image of planned rooftop bar

Located in the cultural and economic center of the U.S.A.
The property is located in Manhattan, which has the largest urban populationin the U.S.A., and more specifically, Midtown, the economic and cultural centerof Manhattan that features tourist attractions such as Times Square,skyscrapers, and luxury hotels. It is located along Park Avenue, home to severalof the world’s leading companies, and is directly connected underground toGrand Central Terminal, which has more platforms than any other railroad
station in the world and is known as the gateway to New York.
While there is stagnation in the real estate market in the United States as awhole due to the establishment of hybrid work and the current interest ratesituation, Grand Central Terminal is directly accessible by commuter train frommultiple suburbs in upstate New York, and in January 2023, commuter trainsfrom Long Island in eastern New York were also extended to Grand CentralTerminal. The area around the station where the property is located is attracting
attention as a prime location, and demand for high-quality office buildings
remains strong, meaning future growth in the office market is expected.
Planning to increase the value of the building through renovations
For the renovation plan to increase the added value of the building, we plan
to renovate the interior and exterior as well as develop a rooftop bar, fitness
center, and tenant lounge by 2025. SL Green Realty Corp., which will berenovating together with us, is the largest real estate company in Manhattan,
with more than 35 years of experience and a portfolio of 59 buildings in thecity. They have carried out multiple renovations in the past and have achieved
improvements in office occupancy rates.
Our company will continue to actively promote overseas real estate
investment with an emphasis on “stability,” “sustainability,” and “growthpotential,” with the aim of building an optimal asset portfolio.
■About the property（１）Overview of Property
Property Name

245 Park Avenue

Property Address

245 Park Ave, New York, NY 10029, USA

Site Area81,336sq,ft

Rentable Area

1,782,793 sq.ft

No. of Floors

45 floors above ground

Property TypeOfficeConstruction Type
Completion year（２）Vicinity Map

Steel construction
1967

■Overview of Local Subsidiary
Company name

MORI America LLC

MemberMORI TRUST CO., LTD

Registered Office
Address

251 Little Falls Drive, Wilmington, DE 19808 U.S.A.

Date ofEstablishment

November 7, 2016

Business Content

Real estate holding, leasing and related business in the UnitedStatesAbout SL Green Realty Corp. https://slgreen.com/
SL Green Realty Corp., Manhattan’s largest office landlord, is a fullyintegrated real estate investment trust, or REIT, that is focused primarily on
acquiring, managing and maximizing value of Manhattan commercial properties.
As of March 31, 2023, SL Green held interests in 59 buildings totaling 37.1
million square feet.
About Mori Trust Co., Ltd. https://www.mori-trust.co.jp/
Mori Trust Co., Ltd. is a real estate company engaged in large-scale mixeduse developments in central Japan, as well as hotel and resort businesses
nationwide. Under the corporate slogan "Create the Future," we operate a
total of 66 buildings, residences, and commercial facilities in Japan andoverseas, centered on the three main businesses of "real estate business,""hotel and resort business," and "investment business." . We also have 31
hotels (as of March 2023).
While developing businesses that increase the value of cities, we aim tocreate an exciting future without being bound by existing businesses.