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**SL Green Under Contract for $730M Acquisition of Park Avenue Tower**
SL Green Realty Corp. announced Wednesday that it has entered into a contract to acquire Park Avenue Tower, a 36-story office property located at 65 East 55th Street in Midtown Manhattan. The agreement, which sets the purchase price at $730 million, is expected to close in early 2026. The seller is Blackstone’s Perform Properties.
“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.
Sitomer added, “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%. We are excited to add another exceptional property to our Park Avenue portfolio.”
SL Green’s current holdings along Park Avenue include One Vanderbilt Avenue, 500 Park Avenue, 450 Park Avenue, 280 Park Avenue, 245 Park Avenue, 125 Park Avenue, and 100 Park Avenue.
Gary Phillips and Will Silverman of Eastdil Secured represented the seller in the transaction.
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