SL Green Realty has entered into a contract to purchase 450 Park Ave. for $445 million from Oxford Properties.
It is seeking joint venture partners to help capitalize the deal, according to Harrison Sitomer, Chief Investment Officer of SL Green.
This is the REIT's first office acquisition since 2018 and demonstrates the company's conviction in the vibrant East Midtown office corridor, Sitomer also said in prepared remarks. "As the most recognizable thoroughfare in East Midtown, Park Avenue continues to attract top tier tenants and triple-digit rents."
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The transaction is expected to close in the second quarter, subject to customary closing conditions.
Located at the corner of 57th Street and Park Avenue, 450 Park Ave. is a 33-story tower designed by Emery Roth & Sons, totaling 337,000 square feet of office and retail space. Tenants include Banco Bradesco, BDT Capital Partners and Oxford Properties.
In addition, Aston Martin's first ever Manhattan showroom will be housed in the tower's corner retail location.
Darcy Stacom, William Shanahan and Doug Middleton of CBRE advised on the transaction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
