SL Green Realty Corp. announced that it has closed on the previously announced acquisition of New York City’s Park Avenue Tower for $730 million.
Located at 65 East 55th Street in Midtown Manhattan, the property is a 36-story, 621,824-square-foot office building designed by architect Helmut Jahn. The building was completed in 1986 and last changed hands in 2014 when it was purchased by Blackstone Group for $750 million.
The acquisition was financed with a new, five-year, fixed rate $480.0 million mortgage that was executed in the CMBS market by Wells Fargo, with participation from JP Morgan and Bank of America.
“Closing on Park Avenue Tower with best-in-class financing fortifies our substantial presence on Park Avenue, the strongest office submarket in the country,” said Harrison Sitomer, chief investment officer at SL Green. “With this acquisition, the new financing, and the recent sale of a joint venture interest in 100 Park Avenue, we are well under way on the execution of our 2026 capital markets strategy.”
Photo: Epicgenius / Wikimedia Commons
