SL Green Realty Acquiring Interests in One Park Ave.

NEW YORK CITY-SL Green Realty is acquiring various ownership and mortgage interests in One Park Ave., a 20-story office building between 32nd and 33rd Streets. The firm is purchasing a fee interest in the property, which is subject to a ground lease held by third parties, and certain mortgage interests, for $233.9 million. The deal involves an option that allows SL Green to purchase the ground lease.

The acquisition is being financed by a mortgage from Lehman Brothers Holdings and funds from the company’s unsecured line of credit. The property’s tenants now pay rents of $39 per sf, about 30% below market.

One Park, which features 50,000 sf floor plates, is a 913,000-sf structure that has leases on four floors of 180,000 sf that expire in 2002. Tenants now include the Mt. Sinai and New York University Hospitals Center, Martin E. Segal & Co., Loews and Coty.