Rockpoint has formed a joint venture with SL Green to purchase a $425 million stake in the 36-story office tower, 100 Park Avenue, in Manhattan.
The new deal represents a 49 percent equity sale for SL Green. This marks the beginning of a relationship between SL Green and Rockpoint, as Rockpoint expands its office footprint. Over the past three decades, Rockpoint in the U.S. has closed 106 office investments, spanning 71 million square feet.
“Office has been a significant focus for Rockpoint throughout our 31-year history, we know the asset class extremely well and have always been disciplined about investing," Dan Domb, a managing member and chief operating officer at Rockpoint, said in a statement.
"As our first significant post-COVID office investment, 100 Park represents the kind of highly targeted opportunity that we find attractive today given the vibrancy of New York and the favorable supply/demand dynamics for high quality and extremely well-located properties like this one.”
The 905,000-square-foot 100 Park Avenue features an amenity center that was recently renovated, which now includes a golf simulator, lounge, personal training studio, game room, and conference rooms. Some major tenants locked into long-term leases include Alvarez & Marsal Holdings (occupying 220,221 square feet) and Alphasights (192,630 square feet).
Newmark served as an advisor on the joint venture deal.
The transaction by SL Green comes months after it expanded its Manhattan Park Avenue office portfolio, with a $730 million buy of Park Avenue Tower from Blackstone. SL Green also has ownership in 500 Park Avenue, 450 Park Avenue, 280 Park Avenue, 245 Park Avenue, 125 Park Avenue and One Vanderbilt Avenue.
The 100 Park Avenue transaction marks another big move to start 2026 in New York. Notably, Related Companies and Oxford Properties Group announced that they landed a $2.45 billion capitalization for their planned 72-story office skyscraper, 70 Hudson Yards. The two also secured a $1.6 billion construction loan for the property.
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