SL Green Realty Corp. said Thursday that it closed on the previously announced acquisition of Park Avenue Tower, an office property located at 65 E. 55th St. in Midtown Manhattan, for $730 million. The seller was Blackstone’s Perform Properties, represented by Gary Phillips and Will Silverman of Eastdil Secured.
The acquisition was financed with a new, five-year, fixed rate $480-million mortgage that was executed in the CMBS market by Wells Fargo, with participation from JPMorgan and Bank of America. The mortgage carries a stated coupon of 5.30%, which SL Green has hedged to an effective rate of 5.25%.
“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, CIO at SL Green. “With this acquisition, the new financing, and the recent sale of a joint venture interest in 100 Park Ave., we are well underway on the execution of our 2026 capital markets strategy.”
Completed in 1986, Park Avenue Tower spans 621,824 square feet across 36 stories.
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