Commercial Real Estate Market Struggles as Office Landlords Sell at Discounted Prices.

Despite a virtual standstill in the sales market for office properties, New York-based REITs SL Green and Vornado Realty Trust are planning large-scale asset sales this year to raise cash and buy back shares. SL Green is looking to achieve the largest single-year debt reduction in the company’s history and to buy back its stock, while Vornado will look to sell a mix of retail and office assets to fund its share buyback program. Both companies are under pressure to shore up their balance sheets as their stock prices plummet and debt costs mount.