SL Green Agrees to Buy Midtown Manhattan Office Building for $730M

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase Park Avenue Tower, a 36-story, 621,826-square-foot office building located at 65 E. 55th St. in Midtown Manhattan. According to The Wall Street Journal, the seller, Blackstone, bought the building in 2014 for $750 million. Park Avenue Tower was originally constructed in 1986 and recently underwent capital improvements that enhanced office suites, the lobby, amenity spaces and the outdoor plaza. Gary Phillips and Will Silverman of Eastdil Secured represented the seller in the transaction. The deal is expected to close in the first quarter of 2026.