Trophy Asset in Resurging East Midtown Enhances NYC’s Largest Office Portfolio as Demand for High Quality Office Space Increases
NEW YORK, April 20, 2022 (GLOBE NEWSWIRE) — 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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SLG – A&D
Source: SL Green Realty Corp