{"id":1004588708,"date":"2022-06-30T03:56:46","date_gmt":"2022-06-30T11:56:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004588708"},"modified":"2022-12-08T18:49:47","modified_gmt":"2022-12-09T02:49:47","slug":"sl-green-jv-closes-445m-purchase-of-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-jv-closes-445m-purchase-of-manhattan-tower\/","title":{"rendered":"SL Green JV Closes $445M Purchase of Manhattan Tower"},"content":{"rendered":"
\"\"<\/a>

450 Park Ave. Image via Google Steet View<\/p><\/div>\n

SL Green Realty Corp<\/strong>. is right on time as it reveals that is has completed the acquisition of 450 Park Ave. in Midtown Manhattan just days before the previously announced deadline<\/a> of the end of the second quarter of 2022.<\/p>\n

The company revealed two months ago in April that it would buy the premier 337,000-square-foot office and retail high-rise from Oxford Properties<\/strong> for $445 million. And as SL Green had predicted at the time, the company had no problem finding joint venture partners to help capitalize the transaction.<\/p>\n

SL Green closed the purchase of 450 Park, an Emery Roth & Sons<\/strong>-designed architectural landmark with pride of place on one of the most prestigious stretches in the world, in a joint venture with unidentified institutional investors from South Korea and Israel.<\/p>\n

\n

READ ALSO<\/strong>: Making the Post-Pandemic Office Even Better Than Home<\/a><\/p>\n

\n

Harrison Sitomer, chief investment officer of SL Green, noted in a prepared statement that the international demand to partner on the acquisition of 450 Park demonstrates that New York City continues to maintain its position as one of the most sought-after real estate markets and a safe haven for long-term capital deployment.<\/p>\n

With the global investment community focused on high-quality assets, according to CommercialEdge, Manhattan recorded more than $1 billion in office sales<\/a> in the first quarter of 2022. \u201cInvestors and institutions are signaling confidence in office assets in gateway markets like Los Angeles, New York, the Bay Area and Washington, D.C.,\u201d according to a May 2022 research brief by Marcus & Millichap<\/strong>. “[In the last 12 months] sales reached the highest level since at least 2018 for Chicago, New York City and Los Angeles office properties.\u201d<\/p>\n

Shiny new toy<\/h2>\n

The partners relied on a $267 million senior mortgage loan through a consortium of financial institutions led by Wells Fargo Bank NA<\/strong> to finance the purchase of the 33-story luxury office tower.<\/p>\n

With the purchase of 450 Park, SL Green adds an office property to its portfolio for the first time since 2018. The REIT holds a 25.1 interest in the asset and will spearhead leasing and management responsibilities on behalf of the partnership. SL Green will also lead a new capital investment program at the property, which will entail the development of a new amenity offering that will offer tenants high-quality, tailored programs and services. Among those on the receiving end of those services will be Oxford Properties, which is counted among 450 Park\u2019s list of notable tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two foreign investors have joined the company in its acquisition of the Midtown property. <\/p>\n","protected":false},"author":969,"featured_media":1004588723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[34836,33104,32895,33215],"class_list":["post-1004588708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-marcus-millichap","tag-oxford-properties-group","tag-sl-green-realty-corporation","tag-wells-fargo-bank"],"acf":[],"yoast_head":"\nSL Green JV Closes $445M Purchase of Manhattan Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-jv-closes-445m-purchase-of-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green JV Closes $445M Purchase of Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"Two foreign investors have joined the company in its acquisition of the Midtown property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-jv-closes-445m-purchase-of-manhattan-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-30T11:56:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:49:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/450-Park-Ave.-New-York.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"833\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-jv-closes-445m-purchase-of-manhattan-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-jv-closes-445m-purchase-of-manhattan-tower\/\",\"name\":\"SL Green JV Closes $445M Purchase of Manhattan Tower - 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