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**Rockpoint Acquires 49% Stake in SL Green’s 100 Park Avenue**
SL Green Realty Corp. has entered into a joint venture with Boston-based real estate private equity firm Rockpoint for the ownership of 100 Park Avenue, a prominent office tower located in Midtown Manhattan. The deal involves SL Green selling a 49% interest in the property to Rockpoint, valuing the asset at $425 million.
“Office has been a significant focus for Rockpoint throughout our 31-year history; we know the asset class extremely well and have always been disciplined about investing,” said Dan Domb, Managing Member and COO at Rockpoint. “As our first significant post-COVID office investment, 100 Park represents the kind of highly targeted opportunity that we find attractive today, given the vibrancy of New York and the favorable supply/demand dynamics for high-quality and extremely well-located properties like this one.”
The 905,000-square-foot office building is currently 97% leased. SL Green most recently refinanced the property for $360 million and, earlier in 2024, bought out its former joint venture partner’s 50% stake in the tower.
This transaction marks a strategic partnership between two major players in the commercial real estate sector and underscores enduring investor interest in high-quality Manhattan office assets.
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