SL Green Announces Acquisition of 500 Park Avenue
SL Green Realty Corp has contracted to purchase 500 Park Avenue for $130.0 million. The historic, landmarked 11-story Class A office building, designed by Skidmore, Owings & Merrill, offers 201,000 square feet of luxury office and prime retail space. Located at 59th Street and Park Avenue, the property houses high-end tenants including Vera Wang, The Georgetown Company, and Friedland Properties, with FRATO's flagship NYC showroom in the retail space. SL Green plans to reposition the lobby, add amenities, and improve the public plaza. The building, formerly Pepsi-Cola headquarters, hasn't traded in over 40 years.
SL Green Realty Corp ha stipulato un contratto per acquistare 500 Park Avenue per 130,0 milioni di dollari. Questo storico edificio per uffici classificato di 11 piani, progettato da Skidmore, Owings & Merrill, offre 201.000 piedi quadrati di uffici di lusso e spazio commerciale di alta qualità. Situato all'angolo tra la 59ª strada e Park Avenue, la proprietà ospita affittuari di alto livello tra cui Vera Wang, The Georgetown Company e Friedland Properties, con il flagship store di FRATO nella zona commerciale. SL Green prevede di riposizionare l'ingresso, aggiungere servizi e migliorare la piazza pubblica. L'edificio, ex sede della Pepsi-Cola, non è stato scambiato da oltre 40 anni.
SL Green Realty Corp ha contratado la compra de 500 Park Avenue por 130,0 millones de dólares. Este edificio histórico de oficinas de 11 pisos, clasificado como Clase A y diseñado por Skidmore, Owings & Merrill, ofrece 201.000 pies cuadrados de oficinas de lujo y espacio comercial de primer nivel. Ubicado en la esquina de la Calle 59 y Park Avenue, la propiedad alberga inquilinos de alto nivel como Vera Wang, The Georgetown Company y Friedland Properties, con la tienda principal de FRATO en el espacio comercial. SL Green planea reposicionar el vestíbulo, agregar servicios y mejorar la plaza pública. El edificio, que anteriormente fue la sede de Pepsi-Cola, no se ha negociado en más de 40 años.
SL Green Realty Corp는 500 Park Avenue를 1억 3천만 달러에 구매하기로 계약했습니다. 스키드모어, 오윙스 & 메릴이 설계한 이 역사적인 11층 규모의 A급 오피스 건물은 201,000제곱피트의 고급 오피스 및 프라임 리테일 공간을 제공합니다. 59번가와 파크 애비뉴에 위치한 이 건물에는 베라 왕, 조지타운 컴퍼니, 프리드랜드 프로퍼티즈 등 고급 임차인들이 입주해 있으며, 소매 공간에는 FRATO의 플래그십 NYC 쇼룸이 있습니다. SL Green은 로비를 재배치하고, 편의 시설을 추가하며, 공공 광장을 개선할 계획입니다. 이 건물은 이전에 펩시콜라 본사였으며, 40년 이상 거래되지 않았습니다.
SL Green Realty Corp a contracté pour acheter 500 Park Avenue pour 130,0 millions de dollars. Ce bâtiment de bureaux historique de 11 étages, classé de catégorie A et conçu par Skidmore, Owings & Merrill, offre 201 000 pieds carrés d'espaces de bureaux de luxe et de vente au détail. Située à l'angle de la 59ème rue et de Park Avenue, la propriété abrite des locataires haut de gamme tels que Vera Wang, The Georgetown Company et Friedland Properties, avec le showroom phare de FRATO dans l'espace de vente. SL Green prévoit de repositionner le hall d'entrée, d'ajouter des commodités et d'améliorer la place publique. L'immeuble, ancien siège de Pepsi-Cola, n'a pas été échangé depuis plus de 40 ans.
SL Green Realty Corp hat einen Vertrag über den Kauf von 500 Park Avenue für 130,0 Millionen Dollar abgeschlossen. Das historische, denkmalgeschützte 11-stöckige Bürogebäude der Klasse A, entworfen von Skidmore, Owings & Merrill, bietet 201.000 Quadratfuß Luxusbüro und hochwertige Verkaufsfläche. An der Ecke 59th Street und Park Avenue beherbergt das Objekt erstklassige Mieter wie Vera Wang, The Georgetown Company und Friedland Properties, mit dem Flagship-Showroom von FRATO im Einzelhandelsbereich. SL Green plant, die Lobby neu zu gestalten, Annehmlichkeiten hinzuzufügen und den öffentlichen Platz zu verbessern. Das Gebäude, das einst die Hauptzentrale von Pepsi-Cola war, wurde seit über 40 Jahren nicht mehr gehandelt.
- Strategic acquisition in Manhattan's best-performing office market
- Prime location in low-vacancy Park Avenue corridor commanding triple-digit rents
- Fully occupied with high-end boutique tenants
- 201,000 square feet of luxury office and prime retail space
- Significant capital investment required for planned improvements
- $130.0 million cash outlay for acquisition
Insights
The acquisition of 500 Park Avenue at
The property's 201,000 square feet of mixed-use space, prestigious tenant roster and planned capital improvements position it well for value appreciation. The building's landmark status and institutional-grade maintenance history minimize potential downside risks, while the planned lobby renovation and amenity additions should help drive rent growth and tenant retention.
Park Avenue's resilience in the post-pandemic office market, particularly in the plaza district, makes this a well-timed acquisition. The property's high-end retail component provides valuable diversification and additional income stability.
NEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has entered into a contract to purchase 500 Park Avenue for
“500 Park Avenue is an extraordinary addition to our Park Avenue portfolio and a rare opportunity to own an iconic asset that hasn’t traded in more than 40 years,” said Harrison Sitomer, Chief Investment Officer of SL Green. “Park Avenue is the best performing office market in New York City with historic low vacancy and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents.”
Ideally located at the prestigious corner of 59th Street and Park Avenue, 500 Park Avenue is a historic, landmarked 11-story Class A office building designed by Skidmore, Owings & Merrill (SOM), totaling 201,000 square feet of luxury office and prime retail space. Having been institutionally owned and maintained since construction as the Pepsi-Cola headquarters in 1960, the property is home to several high-end boutique tenants, including Vera Wang, The Georgetown Company, and Friedland Properties. In addition, the coveted corner retail location features high-end furniture store FRATO’s flagship NYC showroom. As part of its capital investment plan, SL Green will reposition the lobby, introduce building amenities and make substantial improvements to the public plaza.
Adam Spies, Doug Harmon, Adam Doneger, Joshua King, and Marcella Fasulo of Newmark advised on the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
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