US real estate investment trust SL Green Realty is acquiring a $730m (€626.2m) New York City office tower from Blackstone.
NYSE-listed SL Green said it has agreed to acquire Park Avenue Tower at 65 East 55th Street in a deal expected to close in the first quarter of 2026.
Park Avenue Tower is a 36-storey office building totaling 621,824sqft, located at 55th and 56th Streets.
Simpson Thacher served as legal counsel to Blackstone Real Estate Partners VII for the 2014 purchase of a 95% interest in Park Avenue Tower. That deal, valued at $750m, involved buying the stake from Shorenstein Partners affiliates.
Harrison Sitomer, CIO at SL Green, said: “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.
“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%.”
SL Green, Manhattan’s largest office landlord, focuses on acquiring and managing commercial properties in the borough. As of 30 September 2025, the firm’s total interests spanned 30.7m sqft across 53 buildings, with 27.1m sqft representing direct Manhattan ownership.
Sitomer added: “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.”
For the recent deal, Blackstone was exclusively represented by Eastdil Secured.
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