SL Green Realty Corp. has entered into a contract to purchase 500 Park Avenue for $130 million.
“500 Park Avenue is an extraordinary addition to our Park Avenue portfolio and a rare opportunity to own an iconic asset that hasn’t traded in more than 40 years,” said Harrison Sitomer, Chief Investment Officer of SL Green. “Park Avenue is the best performing office market in New York City with historic low vacancy and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents.”
Located at the corner of 59th Street and Park Avenue, 500 Park Avenue is a historic, landmarked 11-story Class A office building designed by Skidmore, Owings & Merrill (SOM), totaling 201,000 square feet of luxury office and prime retail space.
Having been institutionally owned and maintained since construction as the Pepsi-Cola headquarters in 1960, the property is home to several high-end boutique tenants, including Vera Wang, The Georgetown Company and Friedland Properties. In addition, the corner retail location features high-end furniture store Frato’s flagship New York City showroom. As part of its capital investment plan, SL Green will reposition the lobby, introduce building amenities and make substantial improvements to the public plaza.
Adam Spies, Doug Harmon, Adam Doneger, Joshua King and Marcella Fasulo of Newmark advised on the transaction.
