Blackstone Sells Park Avenue Tower to SL Green for $730M

SL Green Realty Corp., Manhattan's largest office landlord, closed on the acquisition of Park Avenue Tower at 65 East 55th Street in Midtown Manhattan from Blackstone for $730 million. The purchase was financed with a $480 million, five-year, fixed-rate CMBS mortgage led by Wells Fargo with participation from JPMorgan and Bank of America, carrying a stated coupon of 5.30% hedged to an effective rate of 5.25%. The deal ranked as the largest single US CRE transaction of January 2026 and underscored continued investor appetite for Class A trophy office assets in gateway markets. SL Green contributed approximately $270 million in equity as a down payment.