SL Green Buying Park Avenue Tower

15 October 2025

SL Green is buying the Park Avenue Tower in the Plaza District for $730 million.

Marc Holiday’s REIT just went into contract to buy the 36-story tower at 65 East 55th Street from the Blackstone Group, sources told The Real Deal.

The price tag is a discount to the roughly $925 million that Blackstone put into acquiring and renovating the building since 2014. Investors have come off the sidelines in recent months seeking out bargains on office buildings, particularly in the Plaza District where demand from tenants has created a hot market for available office space.

SL Green moved quickly on the tower once it hit the market and preempted other bids, according to a source familiar.

Representatives for SL Green and Blackstone could not be immediately reached for comment. An Eastdil Secured team led by Gary Phillips and Will Silverman negotiated the sale.

The largest tenant is PineBridge Investments, the asset manager acquired last year by MetLife for $1.2 billion, which occupies about 75,000 square feet. Other major tenants include the investment bank BTIG, the venture capital firm Raine Group and a division of the Creative Artists Agency.

Blackstone bought the building for $750 million in 2014 from Shorenstein Properties.

It was actually the second time the company owned the property. It had originally acquired the tower in 2007 as part of its takeover of Sam Zell’s Equity Office Properties, and then quickly flipped the building and six others to Harry Macklowe.

Macklowe lost the property to his lender, Deutsche Bank, which sold it and another office building (850 Third Avenue) for $930 million to Shorenstein in 2008.

After two major tenants left in 2016, Blackstone spent about $170 million to renovate the building, including a new lobby, mechanical updates and converting the basement into an amenity space.

The private equity firm had put the building up for sale in 2019, eyeing a price tag of $800 million, but no final deal materialized. It refinanced the property last year with a $309 million CMBS loan originated by Morgan Stanley.

SL Green, meanwhile, has been active in the market looking for deals. The company last month went into contract to buy the former Brooks Brothers building on Madison Avenue, where it plans to build its next ground-up office tower. It was also recently in the bidding for Paramount Group, and expressed interest in acquiring the Chrysler Building.