White & Case Represents PWM Property Management on Its US$2 Billion Definitive Agreement with SL Green Realty Corp.

Global law firm White & Case LLP has represented PWM Property Management LLC and certain affiliates on a definitive agreement to sell their interests in the commercial office tower located at 245 Park Avenue in New York City to an affiliate of SL Green Realty Corp., the largest landlord in Manhattan.

The transaction is valued at approximately US$2 billion, including the assumption of US$1.76 billion of existing funded debt, the equitization of US$168 million of SL Green's existing preferred equity interests in 245 Park JV LLC, and the investment of US$68 million in cash to satisfy the obligations necessary to effectuate the restructuring. The proposal is subject to higher offers at an auction and will be effectuated under a plan of reorganization for 245 Park Avenue that will pay all its trade vendors in full in cash and has the support of all of its mezzanine lenders.

The White & Case team was led by Financial Restructuring and Insolvency partners Thomas Lauria (Miami), Bojan Guzina and Gregory Pesce (both in Chicago), M&A partner Adam Cieply (New York), Real Estate partner Eugene Leone (Chicago), Tax partner Scott Fryman (New York), and Commercial Litigation partner Jason Zakia. The team also included Financial Restructuring and Insolvency associates Kathryn Sutherland-Smith, Barrett Lingle, Lauren Lundy and Livy Mezei (all in New York) and Fan He (Miami); M&A associate Jane Kim (New York); Real Estate associate Christian Berger (New York); and Tax Associate, Neil Clausen (Houston). Law clerk Dominic Gattuso assisted on the matter.

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