SL Green Realty Corp. has struck a deal to expand its New York City portfolio with a $130 million mixed-use acquisition.
Manhattan's biggest landlord is adding 500 Park Avenue, a Class A asset — taking up 201,000 square feet of retail and luxury office space. Originally, the property was built in 1960 to serve as Pepsi-Cola's headquarters. Now the site hosts tenants including The Georgetown Company, Friedland Properties, Vera Wang, and FRATO.
Designer Skidmore Owings & Merrill said in 2016 renovated the interior — with SL Green after the purchase looking to build upon that. It said in a statement that it's aiming to launch amenities for the 11-story building, re-position the lobby, and make "substantial" upgrades to the public plaza.
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The latest addition will not only build on the REIT's Manhattan footprint — but Park Avenue too. It operates assets including 100 Park Avenue, 125 Park Avenue, 215 Park Avenue South, 245 Park Avenue, 280 Park Avenue, 304 Park Avenue South, and 450 Park Avenue.
“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.”
According to SL Green, it had ownership of 28.1 million square feet of Manhattan buildings, as of September.
As of late, Manhattan has shown strong resilience in the CRE market. In the third quarter, the city saw transactions and dollar volume shoot up by 29 percent and 16 percent respectively from the previous three months, according to a property sales report from Avison Young. In total for 2024, investment sales and volume in the region are expected to rise by 16 percent and 76 percent, respectively, the real estate firm said.
Newmark served as an advisor on the SL Green purchase.
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