SL Green Realty found two joint venture partners to help it acquire its previously-announced purchase of 450 Park Ave., a deal that has now closed.
The ownership group consists of institutional investors from South Korea and Israel. SL Green retained a 25.1% interest in the property and will oversee leasing and management of the property on behalf of the partnership.
The partnership financed the acquisition with a $267.0 Million senior mortgage financing provided by a bank group led by Wells Fargo Bank, N.A.
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According to its earlier announcement, the 337,000-square foot tower traded for $445 million, sold by Oxford Properties.
"The international demand to partner with us on the acquisition of 450 Park Avenue 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," said Harrison Sitomer, Chief Investment Officer of SL Green, in prepared remarks.
Located at the corner of 57th Street and Park Avenue, the 33-story 450 Park Ave. was designed by Emery Roth & Sons, offering luxury office and prime retail space. The property is home to several boutique financial services and luxury tenants, including Banco Bradesco, BDT Capital Partners and Oxford Properties. In addition, the corner retail location will soon be home to Aston Martin's first-ever Manhattan showroom.
Darcy Stacom, Bill Shanahan, and Doug Middleton of CBRE advised on the transaction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
