SL Green Under Contract for $730M Purchase of Park Avenue Tower

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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