SL Green Under Contract for First Office Buy Since 2018
SL Green will make its first office acquisition in four years with the $445-million deal for 450 Park Ave. in Midtown Manhattan. The REIT is under contract to acquire the 33-story tower from Oxford Properties.
Designed by Emery Roth, the Plaza District property is home to several high-end boutique financial services and luxury tenants, including Banco Bradesco, BDT Capital Partners and Oxford Properties. Additionally, the corner retail location will soon be home to Aston Martin’s first-ever Manhattan showroom.
“As the most recognizable thoroughfare in East Midtown, Park Avenue continues to attract top tier tenants and triple-digit rents,” said Harrison Sitomer, SL Green’s CIO. “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.”
CBRE’s Darcy Stacom, William Shanahan and Doug Middleton advised SL Green.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).