SL Green Announces Acquisition of 450 Park Avenue
April 20 2022 - 4:05PM
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office
landlord, today announced that it has entered into a contract to
purchase 450 Park Avenue for $445.0 million from Oxford Properties.
The transaction is expected to close in the second quarter, subject
to customary closing conditions.
Ideally located at the prestigious corner of 57th Street and
Park Avenue, 450 Park Avenue is a prominent 33-story Class A tower
designed by Emery Roth & Sons, totaling 337,000 square feet of
luxury office and prime retail space. Offering sweeping views of
the Midtown Manhattan skyline, the property is home to several
high-end boutique financial services and luxury tenants, including
Banco Bradesco, BDT Capital Partners and Oxford Properties. In
addition, the coveted corner retail location will soon be home to
Aston Martin’s first ever Manhattan showroom. As part of its
planned capital investment plan, SL Green will develop a new
amenity offering, providing high-quality, tailored programs and
services for building tenants.
“Our investment in 450 Park Avenue represents the ideal asset
for our first office acquisition since 2018 and further
demonstrates our conviction in the vibrant East Midtown office
corridor. As the most recognizable thoroughfare in East Midtown,
Park Avenue continues to attract top tier tenants and triple-digit
rents,” said Harrison Sitomer, Chief Investment Officer of
SL Green. “Given the domestic and international appeal for
blue chip assets like this one, we expect significant interest from
joint venture partners who will capitalize this deal with us as we
grow our investment management platform.”
Darcy Stacom, William Shanahan and Doug Middleton of CBRE
advised on the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a
fully integrated real estate investment trust, or REIT, that is
focused primarily on acquiring, managing and maximizing value of
Manhattan commercial properties. As of March 31, 2022, SL Green
held interests in 72 buildings totaling 34.7 million square feet.
This included ownership interests in 26.7 million square feet of
Manhattan buildings and 7.2 million square feet securing debt and
preferred equity investments.
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statements, other than statements of historical facts, included in
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subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
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cause actual results to differ from those contained in the
forward-looking statements include risks and uncertainties related
to the on-going COVID-19 pandemic and the duration and impact it
will have on our business and the industry as a whole and the other
risks and uncertainties described in our filings with the
Securities and Exchange Commission. Except to the extent required
by law, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of future events,
new information or otherwise.
SLG - A&D
PRESS CONTACTslgreen@berlinrosen.com
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