NEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has entered into a contract to purchase 500 Park Avenue for $130.0 million.
“500 Park Avenue is an extraordinary addition to our Park Avenue portfolio and a rare opportunity to own an iconic asset that hasn’t traded in more than 40 years,” said Harrison Sitomer, Chief Investment Officer of SL Green. “Park Avenue is the best performing office market in New York City with historic low vacancy and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents.”
Ideally located at the prestigious corner of 59th Street and Park Avenue, 500 Park Avenue is a historic, landmarked 11-story Class A office building designed by Skidmore, Owings & Merrill (SOM), totaling 201,000 square feet of luxury office and prime retail space. Having been institutionally owned and maintained since construction as the Pepsi-Cola headquarters in 1960, the property is home to several high-end boutique tenants, including Vera Wang, The Georgetown Company, and Friedland Properties. In addition, the coveted corner retail location features high-end furniture store FRATO’s flagship NYC showroom. As part of its capital investment plan, SL Green will reposition the lobby, introduce building amenities and make substantial improvements to the public plaza.
Adam Spies, Doug Harmon, Adam Doneger, Joshua King, and Marcella Fasulo of Newmark 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 September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
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