Key Takeaways SLG agreed to sell a 49% stake in 100 Park Avenue via a JV with Rockpoint at a $425 million valuation.The JV will enhance balance sheet flexibility for SLG, aiding capital efficiency.The Midtown tower's prime location and amenities support leasing momentum and potential valuation upside.SL Green (SLG) recently announced that it has entered into a joint venture (JV) with Rockpoint, a Boston, MA-based real estate private equity firm. Under the arrangement, SLG has agreed to sell 49% stake in 100 ...

Core Viewpoint - SL Green Realty Corp. and Rockpoint have formed a joint venture for the ownership of 100 Park Avenue, with SL Green selling a 49% interest at a gross asset valuation of $425 million, highlighting the strength of high-quality office assets in Manhattan's improving market [1][2]. Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties. As of September 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet, including 27.1 million square feet of Manhattan buildings [5]. - Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the U.S. The firm has sponsored 19 investment vehicles and has invested or committed to invest in 512 transactions with a total peak capitalization of approximately $81 billion since its inception in 1994 [6]. Investment Details - The joint venture involves 100 Park Avenue, a 36-story office tower in Midtown Manhattan, which spans 905,000 square feet and features a recently renovated amenity center. Major tenants include Alphasights and Alvarez & Marsal Holdings, with significant lease agreements signed in 2022 and 2024 [3][4]. - The transaction reflects Rockpoint's disciplined investment strategy in the office sector, marking its first significant post-COVID office investment, and is seen as an attractive opportunity given the favorable supply/demand dynamics for high-quality properties in New York [2][3].