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SL Green Realty Acquiring Interests in One Park Ave.

NEW YORK CITY-The 20-story office building has 50,000-sf floor plates and leases on 180,000 sf that expire in two years.

By John Howe | Updated on October 04, 2000

NEW YORK CITY-SL Green Realty is acquiring various ownership and mortgage interests in One Park Ave., a 20-story office building between 32nd and 33rd Streets. The firm is purchasing a fee interest in the property, which is subject to a ground lease held by third parties, and certain mortgage interests, for $233.9 million. The deal involves an option that allows SL Green to purchase the ground lease.

The acquisition is being financed by a mortgage from Lehman Brothers Holdings and funds from the company’s unsecured line of credit. The property’s tenants now pay rents of $39 per sf, about 30% below market.

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