SL Green Realty Corp. has entered into an agreement to sell the office tower at 10 E. 53rd St. in Midtown Manhattan to Meadow Partners for total consideration of $312.2 million. The transaction, involving the 37-story office property, is scheduled to close in the third quarter of 2026, subject to customary closing conditions.
Meadow Partners, described as a vertically integrated real estate investment manager focused on global middle-market transactions, is set to acquire a largely stabilized asset. The building totals approximately 390,000 square feet of office space and is currently 92% leased, according to SL Green.
Harrison Sitomer, president and CIO of SL Green, said the pending sale advances the company’s 2026 strategic disposition program. He noted that the transaction represents a meaningful step toward achieving the firm’s $2.5 billion disposition target for the year and highlighted what he characterized as value created through SL Green’s redevelopment and asset management initiatives at the property.
SL Green originally acquired 10 E. 53rd St. in 2012 in partnership with an institutional investor, paying $252.5 million at that time. Following the acquisition, SL Green led a comprehensive redevelopment and repositioning of the asset, although specific project details were not disclosed in the announcement.
In December 2024, SL Green deepened its involvement with the property by purchasing its institutional partner’s 45.0% interest. That transaction was executed at a gross valuation of $236.0 million for the building, consolidating SL Green’s control in advance of the current sale agreement with Meadow Partners.
The current deal reflects SL Green’s continued execution on a portfolio strategy that includes selectively disposing of office assets after completing capital investment and leasing programs. While no cap rate or pricing metrics beyond the headline consideration were provided, the company positioned the sale as evidence of investor demand for Midtown Manhattan assets that have undergone recent redevelopment.
Newmark advised on the transaction, with a team led by Adam Spies, Adam Doneger and Avery Silverstein. Their role encompassed marketing the property and arranging the investment sale to Meadow Partners. Additional terms, including buyer financing details and post-closing business plans, were not disclosed.
Upon completion of the sale in the third quarter of 2026, Meadow Partners will assume ownership of a largely leased Midtown office tower that has recently seen a full repositioning, while SL Green will move closer to meeting its stated 2026 disposition objectives.
