Recapitalization and Redevelopment of 280 Park Avenue Announced with SL Green Realty Corp and Vornado Realty Trust

In a transaction completed today, 280 Park Avenue equity partners Broadway Partners and Investcorp have executed a recapitalization agreement with mezzanine debt holders SL Green Realty Corp SLG and Vornado Realty Trust VNO. The transaction merges the parties' respective equity and debt positions to form a new ownership structure for the Class A office property and includes funding for an approximate $150 million repositioning and re-tenanting program.