SL Green Realty Corp. has entered into a contract to acquire Park Avenue Tower, located at 65 East 55th St., for $730.0 million.
The seller was Blackstone.
The transaction is expected to close in the first quarter 2026, subject to customary closing conditions.
“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,” said Harrison Sitomer, CIO at SL Green. “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 percent. 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 Par
