SL Green To Sell Manhattan Asset for $312M

SL Green Realty Corp. has reached an agreement to sell 10 E. 53rd St., a 390,000-square-foot office tower in Midtown Manhattan, to Meadow Partners for $312.2 million.

Newmark acted as the advisor for this deal, which is set to close in the third quarter of this year.

Previously known as the HarperCollins Building, the property was completed in 1971 and is currently 92 percent leased.

SL Green Realty Corp. will receive roughly $100 million in net cash proceeds, which will go toward paying down the company’s debt.

The firm acquired a stake in the property in 2012 from Intesa SanPaolo, for $252.5 million, or roughly $643 per square foot, according to Yardi Matrix information. In 2024, it bought the remaining 45 percent stake for $236 million.

The property underwent a $50 million redevelopment in 2015, which included a new lobby, redesigned façade, as well as new plazas. Floorplates range from 8,462 to 16,406 square feet, while amenities include a fitness club, concierge services and 24/7 security. Moreover, the tower has LEED Silver certification.

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Located at 10 E. 53rd St., between Fifth Avenue and Madison Avenue, the 37-story tower sits on less than 1 acre. The tenant roster at 10 E. 53rd St. includes Compass, Bridgepoint and Magnetar Capital, among others.

Newmark’s Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Executive Managing Director Avery Silverstein oversaw the deal.

Manhattan leads U.S. office sales

As of April, Manhattan remained at the top of the sales chart with $2.8 billion in transactions, according to the latest Yardi Matrix office report—that is almost 15 percent of the total $18.1 billion recorded nationwide. The average per-square-foot price in the borough reached $712, way above the national figure of $214.

Another recent noteworthy deal in the area included the trading of 575 Fifth Ave. in Central Midtown for $380 million. Sovereign Partners picked up the office and retail components at the property from MetLife and Beacon Capital Partners in two separate transactions. Ladder Capital financed the acquisition with $268 million across three notes.