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SL Green to Acquire Former Pepsi Headquarters for $130M
SL Green Realty Corp. has entered into a contract to purchase the office condominium of 500 Park Ave. from Morgan Stanley for $130 million. The 11-story property was built in 1960 as the headquarters of Pepsi-Cola.
“500 Park Ave. is an extraordinary addition to our Park Avenue portfolio and a rare opportunity to own an iconic asset that hasn’t traded in more than 40 years,” said Harrison Sitomer, CIO of SL Green. “Park Avenue is the best-performing office market in New York City with historic low vacancy and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top-tier tenants and triple-digit rents.”
As part of its capital investment plan, SL Green said it will reposition the lobby, introduce building amenities and make substantial improvements to the public plaza. Adam Spies, Doug Harmon, Adam Doneger, Joshua King and Marcella Fasulo of Newmark advised on the transaction.
- ◦Sale/Acquisition
