SL Green Realty Corp. forms JV with foreign investors for NYC office tower

SL Green Realty Corp. has closed on the previously announced acquisition of 450 Park Avenue in New York City in 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, CIO of SL Green. “The acquisition of this world-class asset is a meaningful enhancement to our growing investment management platform.”

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 fee