SL Green Announces Acquisition of Park Avenue Tower
SL Green (NYSE:SLG) agreed to acquire Park Avenue Tower at 65 East 55th Street for $730.0 million. The 36-story, 621,824 sq ft Class A office tower is block-through between 55th and 56th Streets and was completed in 1986 with recent upgrades to plaza, lobby, prebuilt suites and amenities.
The transaction is expected to close in Q1 2026, subject to customary closing conditions. Management cites below-market in-place rents and Park Avenue vacancy trending below 6% as drivers of long-term cash flow upside and strategic fit with SL Green's Park Avenue portfolio.
SL Green (NYSE:SLG) ha concordato di acquisire Park Avenue Tower al 65 East 55th Street per 730,0 milioni di dollari. Il grattacielo per uffici di Classe A di 36 piani e 621.824 mq si trova in blocco tra la 55ª e la 56ª Strada ed è stato completato nel 1986 con recenti aggiornamenti a piazza, ingresso, suite prefabbricate e servizi.
La transazione dovrebbe chiudersi nel Q1 2026, soggetta alle consuete condizioni di chiusura. Il management cita affitti in essere al di sotto del mercato e una vacanza a Park Avenue che tende al 6% come motori del potenziale di flusso di cassa a lungo termine e l’adeguatezza strategica al portafoglio Park Avenue di SL Green.
SL Green (NYSE:SLG) acordó adquirir Park Avenue Tower en 65 East 55th Street por 730,0 millones de dólares. La torre de oficinas Clase A de 36 pisos y 621,824 pies cuadrados está aislada entre las calles 55 y 56 y fue completada en 1986 con mejoras recientes en la plaza, el vestíbulo, las suites preconstruidas y las comodidades.
La operación se espera cierre en Q1 de 2026, sujeto a las condiciones de cierre habituales. La dirección cita rentas vigentes por debajo del mercado y una vacancia en Park Avenue que se mantiene por debajo del 6% como impulso para el flujo de caja a largo plazo y la adecuación estratégica con la cartera Park Avenue de SL Green.
SL Green (NYSE:SLG)는 65 East 55th Street에 위치한 Park Avenue Tower를 730.0백만 달러에 인수하기로 합의했습니다. 36층의 621,824 제곱피트 규모의 A급 오피스 타워는 55번가와 56번가 사이에 블록-스로 구성되었고 1986년에 완공되었으며 최근 광장, 로비, 프리빌트 스위트 및 편의시설이 업그레이드되었습니다.
거래는 일반적인 종결 조건에 따라 2026년 1분기에 마감될 예정입니다. 경영진은 시장가를 밑도는 임대료와 Park Avenue의 공실률이 6% 미만으로 낮아지는 추세를 장기 현금 흐름 상승의 원동력으로 보고 SL Green의 Park Avenue 포트폴리오와의 전략적 적합성을 강조합니다.
SL Green (NYSE:SLG) a accepté d'acquérir Park Avenue Tower au 65 East 55th Street pour 730,0 millions de dollars. La tour de bureaux Classe A de 36 étages et de 621 824 pieds carrés s'étend sur deux blocs entre les rues 55 et 56 et a été achevée en 1986 avec des améliorations récentes à la place, au hall, aux suites préfabriquées et aux prestations.
La transaction devrait être clôturée au Q1 2026, sous réserve des conditions de clôture habituelles. La direction indique que des loyers en place en dessous du marché et un taux de vacance sur Park Avenue en dessous de 6% constituent les moteurs de la trésorerie à long terme et l'adéquation stratégique avec le portefeuille Park Avenue de SL Green.
SL Green (NYSE:SLG) hat zugestimmt, Park Avenue Tower in der 65 East 55th Street für 730,0 Mio. USD zu erwerben. Der 36-stöckige 621.824 qm Bürohochhaus der Klasse A ist block-through zwischen 55th und 56th Street und wurde 1986 fertiggestellt, mit aktuellen Aufwertungen von Platz, Lobby, vorgefertigten Bürosuiten und Annehmlichkeiten.
Der Abschluss der Transaktion wird voraussichtlich im Q1 2026 erfolgen, vorbehaltlich der üblichen Abschlussbedingungen. Das Management verweist auf unter Marktpreis liegende Mietverträge und eine derzeitige Leerstandquote an der Park Avenue, die unter 6% liegt, als Treiber für langfristiges Cashflow-Potenzial und die strategische Passung zum Park Avenue-Portfolio von SL Green.
SL Green (NYSE:SLG) وافقت على الاستحواذ على Park Avenue Tower في 65 East 55th Street بمبلغ 730.0 مليون دولار. ناطحة سحاب مكتبية من فئة A مكونة من 36 طابقاً وبمساحة 621,824 قدم مربع تقع على محورين بين شارعي 55 و56 وقد اكتملت في عام 1986 مع ترقية حديثة لساحة الدهليز واللوبي وأجنحة البناء المسبق والمرافق.
من المتوقع إغلاق الصفقة في الربع الأول من 2026، رهناً بالشروط المعتادة للإغلاق. تشير الإدارة إلى الإيجارات القائمة دون السوق ونسبة الإشغال في Park Avenue التي تتجه إلى أقل من 6% كعوامل تعزز التدفق النقدي على المدى الطويل والتوافق الاستراتيجي مع محفظة Park Avenue لدى SL Green.
SL Green (NYSE:SLG) 同意以 7.3亿美元收购 65 East 55th Street 的 Park Avenue Tower。这座36层、面积为 621,824 平方英尺 的A级写字楼位于55街和56街之间，建成于1986年，最近对广场、大堂、预制套房及设施进行了升级。
交易预计将在 2026年第一季度完成，需遵循惯常的交割条件。管理层表示现有租金低于市场水平，Park Avenue 的空置率趋势低于 6%，被视为长期现金流的推动力，以及与 SL Green Park Avenue 组合在战略上的契合度。
- $730.0M acquisition for Park Avenue Tower
- Adds 621,824 sq ft Class A office in prime Park Avenue corridor
- Expected close in Q1 2026, providing near-term portfolio scale
- Building recently upgraded with plaza, lobby, and prebuilt suites
- Transaction is subject to customary closing conditions
- Asset is well-leased at below-market rents, requiring rent reversion to realize upside
Insights
SL Green's $
SL Green Realty Corp. is acquiring Park Avenue Tower at 65 East 55th Street for
The deal's business mechanism is straightforward: buy a modern, well‑appointed Park Avenue asset expected to generate "sustainable cash flow" and long‑term value while expanding a concentrated Park Avenue portfolio. Key dependencies and risks disclosed include customary closing conditions and the stated timing — the transaction is expected to close in
Watch items and horizon: monitor formal closing in
NEW YORK, Oct. 15, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has entered into a contract to acquire Park Avenue Tower, located at 65 East 55th Street, for
“This acquisition will deliver sustainable cash flow and provide long-term value creation while further solidifying our commitment to being the leading owner of premier properties along Park Avenue at a time when demand has never been higher,” said Harrison Sitomer, Chief Investment Officer at SL Green. “Park Avenue Tower is strategically located and well-leased at below-market rents, offering significant upside as vacancy in the Park Avenue corridor continues to trend below 6 percent. We are excited to add another exceptional property to our Park Avenue portfolio that includes One Vanderbilt Avenue, 500 Park Avenue, 450 Park Avenue, 280 Park Avenue, 245 Park Avenue, 125 Park Avenue and 100 Park Avenue.”
Located block-through between 55th and 56th Streets, Park Avenue Tower is a 36-story, 621,824 square foot, Class A office building designed by internationally acclaimed architect Helmut Jahn. Completed in 1986, it is one of the most modern assets in the submarket, with upgraded infrastructure and newly renovated interiors that, together with its distinctive architectural design, solidify its reputation as one of the most desirable addresses on Park Avenue.
Recent enhancements to Park Avenue Tower include a reimagined plaza by MdeAS Architects, high-end prebuilt office suites by Gensler, a world class lobby and well-appointed amenities by Gonzalez Architects. These upgrades elevate the building’s arrival experience and deliver a flexible, modern tenant environment, positioning the property as a top choice for leading financial institutions and hedge funds.
Gary Phillips and Will Silverman of Eastdil Secured represented the seller in 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 the value of Manhattan commercial properties. As of September 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.1 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.
Forward Looking Statement
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