Manhattan’s largest office landlord is one step closer to completing a $2.5B sell-off after reaching a deal to offload a 390K SF trophy tower in Midtown East.
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SL Green reached a deal to sell the 37-story office building at 10 E. 53rd St. for $312.2M to Meadow Partners, the landlord announced Monday. The office tower sits between Madison and Fifth avenues and is currently 92% leased, according to a release.
The REIT expects the sale to generate $100M in cash. The building had a $205M mortgage that initially matured in May but could be extended to 2028, according to SL Green's annual report.
SL Green and Canada Pension Plan Investment Board acquired the building in 2012 for $252.5M. The REIT bought out the pension fund's minority stake in 2024 at a $236M gross valuation and extended the mortgage’s final maturity at the same time.
Less than two years later, Meadow Partners agreed to pay 32% more than that to acquire the building, which was constructed in 1971, a sign of how desirable office towers close to Grand Central have become.
“We positioned the asset to capitalize on strong investor demand for high-quality, well-located Midtown assets,” SL Green President and CEO Harrison Sitomer said in a statement.
SL Green laid out a $2.5B property sales goal at an investor meeting last year, citing stubbornly high interest rates as the driving factor, Crain’s New York Business previously reported. The company plans to use the proceeds of the sale of 10 E. 53rd to pay down some of its corporate debt. It had nearly $4.8B of total debt at the end of the first quarter, up from $4B at the end of 2025.
Newmark’s Adam Spies, Adam Doneger and Avery Silverstein advised on the deal. SL Green and Meadow Partners didn't immediately respond to requests for comment.
The deal follows several other sales executed by the landlord this year.
In March, it sold the residential and retail components of a 34-story, mixed-use Tribeca building at 7 Dey St. to GO Residential REIT. The same month, SL Green sold a fully leased, 8K SF, five-story retail building at 690 Madison Ave. it co-owned with Jeff Sutton’s Wharton Properties for $54.5M.
SL Green has also sold off interests from some of its offices since the start of the year.
It closed on the sale of a 49% stake in 100 Park Ave. to Rockpoint that valued the property at $425M at the start of the year, as well as a 49% stake in its upcoming office development at 346 Madison Ave. last week to Japanese investor Mori Building Co. that valued the property at $175M.
It also was the buyer on the largest office deal of 2026 so far, acquiring Park Avenue Plaza for $730M in a deal that closed in January.
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