SL Green Realty Corp. said Wednesday afternoon it had entered into a contract to acquire Park Avenue Tower, located at 65 E. 55th St. in Midtown Manhattan, for $730 million from Blackstone’s Perform Properties. The acquisition is expected to close in early 2026.
“This acquisition will deliver sustainable cash flow and provide long-term value creation while further solidifying our commitment to being the leading owner of premier properties along Park Avenue at a time when demand has never been higher,” said Harrison Sitomer, CIO at SL Green.
He continued, “Park Avenue Tower is strategically located and well-leased at below-market rents, offering significant upside as vacancy in the Park Avenue corridor continues to trend below 6%. We are excited to add another exceptional property to our Park Avenue portfolio that includes One Vanderbilt Ave., 500 Park Ave., 450 Park Ave., 280 Park Ave., 245 Park Ave., 125 Park Ave. and 100 Park Ave.”
Gary Phillips and Will Silverman of Eastdil Secured represented the seller of the 36-story office tower.
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