SL Green Realty Syndicates Part of 450 Park Avenue Deal to Korean and Israeli Investors

Posted on 06/29/2022

SL Green Realty Corporation closed on the previously announced acquisition of 450 Park Avenue 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 partnership financed the acquisition with a US$ 267 Million senior mortgage financing provided by a bank group led by Wells Fargo Bank, N.A.

The seller for the tower is Oxford Properties, a unit of Ontario Municipal Employees Retirement System. The tower sold for US$ 445 million.

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 feet of luxury office and prime retail space.

Darcy Stacom, Bill Shanahan, and Doug Middleton of CBRE advised on the transaction.

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