SL Green Buys Remaining Stake in Manhattan Office Asset

SL Green Realty Corp. has acquired the remaining 39.5 percent ownership stake in 800 Third Ave., a 526,000-square-foot office asset in Manhattan, from its joint venture partners, for $5.1 million. The purchase brings the firm to full control of the property.

SL Green initially bought a 43 percent ownership stake in the office building in 2006, for $102.4 million, according to Yardi Matrix information. Later in 2015, the firm purchased a 17.6 percent stake in the asset.

The company also extended the property’s existing $177 million mortgage, which was issued by the Bank of New York Mellon in 2016, the same data provider shows. The modification prolonged the maturity date from February 2026 to February 2031. SL Green managed to lock in the interest rate at 5.03 percent from February 2026 until the initial maturity date, in February 2029.

Completed in 1970 and designed by Emery Roth & Sons, the 41-story tower underwent cosmetic renovations in 2006. The building features floorplates ranging between 10,760 and 19,196 square feet, 12 passenger elevators and 9,300 square feet of first-floor retail space. The property’s tenant roster includes Blue River Partners LLC, Callahan & Robinson, Kobre & Kim, Renaissance Technologies, and Red Apple Group.

Located in Manhattan’s Plaza District between 49th and 50th Streets, the building has access to Grand Central Terminal and is within walking distance of Rockefeller Center.

Manhattan office market surges

October saw Manhattan’s average listing rates clock in at $67.97 per square foot, down 0.7 percent year-over-year and more than double the $32.81 national figure, according to the latest Yardi Matrix office report. During the same month, vacancy rates clocked in at 13.0 percent and were the lowest across U.S., marking a 370-basis-point drop over a 12-month period. This performance reflects current office real estate trends that continue to show improvements across key markets.

The borough also recorded the largest sales volume year-to-date as of October, totaling $6.4 billion in office assets changing hands, at an average price per square foot of $523, the same report shows.

Back in October, it was announced that SL Green was under contract to acquire Park Avenue Tower, a 36-story trophy building, from Blackstone for $730 million. The transaction is expected to close in early 2026.

Manhattan’s largest office landlord holds interests in 53 buildings totaling 30.7 million square feet, which includes ownership interests in 27.1 million square feet of Manhattan office assets.