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SL Green Closes Deal for 450 Park Ave. with Newly Formed JV
SL Green Realty Corp. has closed on the previously announced acquisition of 450 Park Ave., its first office acquisition since 2018, in a newly formed joint venture. The ownership group consists of institutional investors from South Korea and Israel.
The REIT retained a 25.1% interest in the property and will oversee leasing and management of the property on behalf of the partnership. The purchase price was announced as $445 million in April.
“The international demand to partner with us on the acquisition of 450 Park Avenue demonstrates that New York City continues to maintain its position as one of the most sought-after real estate markets and a safe haven for long-term capital deployment,” said Harrison Sitomer, SL Green’s CIO.
The partnership financed the acquisition with a $267-million senior mortgage financing provided by a Wells Fargo-led bank group.
CBRE’s Darcy Stacom, Bill Shanahan, and Doug Middleton advised on the transaction.
- ◦Sale/Acquisition
