SL Green has acquired the office portion of 500 Park Avenue from Morgan Stanley for $130 million, equivalent to $647 per square foot. The 11-story, 201,000-square-foot boutique office condo, situated in the prime Park Avenue corridor, boasts tenants like Vera Wang and Friedland Properties. SL Green plans to renovate the public plaza and lobby to capitalize on rent growth potential. This acquisition follows SL Green’s recent sale of an 11% stake in One Vanderbilt, valuing it at $4.7 billion, and the extension of a $743 million loan for 1515 Broadway. The REIT is also raising $400 million in stock for corporate investments.
500 Park Avenue
