SL Green Realty Corp. has recently announced its plans to purchase the office condominium located at 500 Park Ave. for $130 million from Morgan Stanley. This iconic 11-story property, which was originally built in 1960 as the headquarters of Pepsi-Cola, will be a valuable addition to SL Green’s already impressive portfolio on Park Avenue.
According to Harrison Sitomer, Chief Investment Officer of SL Green, this acquisition is a rare opportunity as the property has not been traded in over four decades and is situated in one of New York City’s best-performing office markets with historically low vacancy rates. With its prime location attracting top-tier tenants and commanding high rental prices, Sitomer believes that 500 Park Ave will continue to thrive under SL Green’s ownership.
As part of their capital investment plan for the property, SL Green intends to reposition the lobby area and introduce new building amenities while also making significant improvements to the public plaza surrounding it. The transaction was advised by Adam Spies, Doug Harmon , Adam Doneger , Joshua King , and Marcella Fasulo from Newmark .
