SL Green Closes Acquisition of Park Avenue Tower

Core Viewpoint - SL Green Realty Corp. has successfully acquired Park Avenue Tower for $730 million, supported by a new $480 million mortgage, enhancing its position in Manhattan's prime office market [1][2][3]. Financing Details - The acquisition was financed through a five-year fixed-rate mortgage of $480 million, executed in the CMBS market with a coupon rate of 5.30%, effectively hedged to 5.25% [2]. Acquisition Significance - The acquisition of Park Avenue Tower strengthens SL Green's presence in Park Avenue, recognized as the strongest office submarket in the U.S., and aligns with its 2026 capital markets strategy [3]. Property Features - Park Avenue Tower is a 36-story, 621,824 square foot Class A office building, completed in 1986, featuring modern upgrades and a distinctive architectural design by Helmut Jahn [3][4]. Recent Enhancements - Recent improvements to the property include a redesigned plaza, high-end prebuilt office suites, and a world-class lobby, making it an attractive option for financial institutions and hedge funds [4]. Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord, focusing on acquiring and managing commercial properties, with interests in 53 buildings totaling 30.7 million square feet as of September 30, 2025 [5].