SL Green Realty has completed the previously announced acquisition of 450 Park Avenue in New York City for $445 million with a newly formed joint venture.
The ownership group consists of institutional investors from South Korea and Israel.
SL Green retained a 25.1 percent interest in the property and will oversee leasing and management of the property on behalf of the partnership.
“The international demand to partner with us on the acquisition of 450 Park Avenue demonstrates that New York City continues to maintain its position as one of the most sought-after real estate markets and a safe haven for long-term capital deployment,” said Harrison Sitomer, Chief Investment Officer of SL Green. “The acquisition of this world-class asset is a meaningful enhancement to our growing investment management platform.”
The partnership financed the acquisition with a $267.0 Million senior mortgage financing provided by a bank group led by Wells Fargo Bank, N.A.
Located at the prestigious corner of 57th Street and Park Avenue, 450 Park Avenue is a prominent 33-story Class A tower designed by Emery Roth & Sons, totaling 337,000 square feet of luxury office and prime retail space.
Offering sweeping views of the Midtown Manhattan skyline, the property is home to several high-end boutique financial services and luxury tenants, including Banco Bradesco, BDT Capital Partners and Oxford Properties.
In addition, the coveted corner retail location will soon be home to Aston Martin’s first-ever Manhattan showroom. As part of its planned capital investment plan, SL Green, on behalf of the ownership group, will develop a new amenity offering, providing high-quality, tailored programs and services for building tenants.