SL Green, Vornado Recap 280 Park

NEW YORK CITY-A joint venture of SL Green Realty Corp. and Vornado Realty Trust will now hold a majority equity stake in 280 Park Ave. under a recapitalization jointly announced Tuesday afternoon by the two REIT titans, Broadway Partners and Investcorp. The equity and debt positions on the 1.2-million-square-foot office property have been combined into a new ownership structure; the partnership plans a $150-million repositioning and re-tenanting program, according to the joint announcement.

An SL Green spokesman declined to comment beyond the official release, in response to GlobeSt.com’s request for information on what valuation the recap places on the two-tower property between 48th and 49th streets. Broadway Partners and Investcorp paid just under $1.3 billion for 280 Park in November 2007, according to Real Capital Analytics, and SL Green and Vornado recently joint ventured on $400 million in mezzanine debt for the property.