SL Green Announces Closing of 450 Park Avenue Acquisition in Newly Formed Joint Venture
June 29 2022 - 7:30AM
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office
landlord, today announced that it closed on the previously
announced acquisition of 450 Park Avenue in a newly formed joint
venture. The ownership group consists of institutional investors
from South Korea and Israel. SL Green retained a 25.1 percent
interest in the property and will oversee leasing and management of
the property on behalf of the partnership.
“The international demand to partner with us on the acquisition
of 450 Park Avenue demonstrates that New York City continues to
maintain its position as one of the most sought-after real estate
markets and a safe haven for long-term capital deployment,” said
Harrison Sitomer, Chief Investment Officer of SL
Green. “The acquisition of this world-class asset is a
meaningful enhancement to our growing investment management
platform.”
The partnership financed the acquisition with a $267.0 Million
senior mortgage financing provided by a bank group led by Wells
Fargo Bank, N.A.
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, on behalf of the
ownership group, will develop a new amenity offering, providing
high-quality, tailored programs and services for building
tenants.
Darcy Stacom, Bill 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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SLG – A&D
PRESS CONTACTslgreen@berlinrosen.com
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