SL Green Sells 49% Stake in 100 Park Avenue to Rockpoint in $425 Million Deal
The joint venture pairs Manhattan’s largest office landlord with a returning institutional buyer betting on top-tier Midtown assets.
Overview
- The partners formed a joint venture to own and operate the 36-story, 905,000-square-foot tower located one block from Grand Central Terminal.
- Rockpoint described the purchase as its first significant post-COVID office investment, citing favorable supply–demand dynamics for high-quality, well-located properties.
- SL Green highlighted recent amenity renovations and long-term leases with tenants including AlphaSights (192,630 square feet) and Alvarez & Marsal (220,221 square feet).
- Newmark advised on the transaction, with Adam Spies, Doug Harmon, Adam Doneger, Josh King, Marcella Fasulo and Avery Silverstein involved, according to Commercial Observer.
- While the companies set a gross asset valuation of $425 million, a source told Commercial Observer the total capitalization including leasing costs is closer to $540 million.