SL Green Paying $445M For Midtown Tower In First Office Buy Since 2018

450 Park Ave.
Manhattan's 450 Park Ave.

The largest owner of Manhattan office space is making its made its first addition to its office holdings in four years.

SL Green has reached a deal to buy 450 Park Ave., a 33-story, 337K SF skyscraper near Central Park, for $445M. The real estate investment trust expects to close on the acquisition from current owner Oxford Properties in the second quarter.

Oxford bought the property for more than $575M in 2014 from Somerset Partners, according to property records. SL Green will still have some space to fill: According to Oxford Properties' website, 45K SF in the nearly 50-year-old building is immediately available for lease.

Designed by Emery Roth & Sons, 450 Park sits squarely on the intersection of Park Avenue and 57th Street, a few blocks from Billionaires' Row, the strip of ultra-luxury skyscrapers at the southern end of Manhattan’s Central Park.

SL Green's acquisition is indicative of the renewed activity in the city's investment sales market. More than $3.3B of office properties traded hands in the first quarter of the year, according to Avison Young.

“Park Avenue continues to attract top tier tenants and triple-digit rents,” SL Green Chief Investment Officer Harrison Sitomer said in a statement. “Given the domestic and international appeal for blue chip assets like this one, we expect significant interest from joint venture partners who will capitalize this deal with us as we grow our investment management platform.”

Current tenants include BDT Capital Partners, Banco Bradesco, financial services firms and luxury tenants. Luxury carmaker Aston Martin has agreed to take the corner retail space for its first-ever Manhattan showroom, replacing the space's former occupant, the Philips auction house, the New York Post reported.

CBRE’s Darcy Stacom, William Shanahan and Doug Middleton helped negotiate the transaction for 450 Park Ave., which SL Green will add to its 34.7M SF portfolio across 72 buildings at the end of March this year.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Empire State Building Observation Deck Hemorrhaging Visitors, Value

JLL Nearly Doubles Profits, Fueled By Leasing Rebound

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

Dewberry's Midtown Eyesore Quietly Resolves $75M Mortgage

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project