SL Green Realty Corp. (NYSE: SLG) announced the sale of Manhattan’s 10 East 53rd Street office tower for $312.2 million to Meadow Partners, a real estate investment manager specializing in global middle-market transactions.
According to the company, the sale will generate net cash proceeds to the company of approximately $100 million that will be used for corporate debt repayment.
The 37-story, 390,000 square foot property is located in Midtown Manhattan between Fifth Avenue and Madison Avenue and is currently 92% leased. SL Green acquired the property in 2012 as part of a joint venture, and in December 2024 SL Green acquired its partner’s 45% interest in the property at a gross valuation of $236 million.
“This transaction is a meaningful step forward in the execution of our $2.5 billion 2026 strategic disposition plan and further validates the value creation achieved through our redevelopment and asset management initiatives,” said Harrison Sitomer, president and chief investment officer of SL Green. “Following our acquisition of the remaining ownership interest in the property in December 2024, we positioned the asset to capitalize on strong investor demand for high-quality, well-located Midtown assets, and we look forward to continuing to manage the property moving forward.”
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