SL Green Realty Corp. (SLG), a comprehensive real estate investment trust (REIT), announced on Tuesday its contractual agreement to acquire 500 Park Avenue for a sum of $130 million.
As part of its strategic investment, SL Green intends to modernize the lobby, introduce new features, and enhance the public plaza. The 11-story Class A office building has been a fixture at the intersection of 59th Street and Park Avenue since 1960.
Harrison Sitomer, Chief Investment Officer, stated, "500 Park Avenue is a remarkable addition to our Park Avenue portfolio and presents a rare chance to possess an iconic asset that hasn't changed hands in over 40 years."
On Monday, SLG concluded regular trading with a 1.09% decrease, closing at $78.09.
