Newmark has arranged the sale and acquisition financing for 10 E. 53rd Street, a Class A office tower in Manhattan’s Plaza District. The 385,224-square-foot property traded for $312 million, with Meadow Partners acquiring the asset from SL Green Realty Corp. The transaction combines a sizable investment sale with a new debt package sized at $155 million to support the purchase.
According to Newmark, the firm advised on the disposition and helped structure the capital stack for the buyer. A Newmark investment sales team led by Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Executive Managing Director Avery Silverstein provided strategic advice to the seller. Their mandate covered positioning the asset in the market, coordinating the marketing process and guiding the transaction through closing.
On the financing side, Newmark’s debt and structured finance professionals arranged the acquisition loan on behalf of the buyer. The debt team was led by Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, together with Vice Chairman Nick Scribani, Director Tim Polglase and Analysts Stavros Giannakopoulos and Lance Tillman. The group secured the $155 million loan from Corebridge Financial, which served as the acquisition lender for the transaction.
The sale marks the conclusion of a long hold period for SL Green. The firm originally acquired 10 E. 53rd Street in early 2012 for $252.5 million. Over nearly 15 years of ownership, SL Green invested an additional $67 million in capital improvements at the property, upgrading building systems and common areas to maintain its Class A positioning in the Plaza District office market.
10 E. 53rd Street houses a roster of tenants that includes fitness operator Equinox, investment management firm Magnetar, brokerage and technology company Urban Compass and luxury menswear brand Ermenegildo Zegna. The mix of office and retail tenants reflects the building’s location in one of Manhattan’s highest-profile business and shopping corridors. With the asset now changing hands and new acquisition financing in place, Meadow Partners assumes control of a stabilized, institutionally owned tower in a core Midtown submarket.
