SL Green Realty (SLG) announced that it has closed on the previously announced acquisition of Park Avenue Tower, located at 65 East 55th Street, for $730.0 million. The acquisition was financed with a new, five-year, fixed rate $480.0 million mortgage that was executed in the CMBS market by Wells Fargo, with participation from JP Morgan and Bank of America. The mortgage carries a stated coupon of 5.30%, which SL Green has hedged to an effective rate of 5.25%. “Closing on Park Avenue Tower with best-in-class financing fortifies our substantial presence on Park Avenue, the strongest office submarket in the country,” said Harrison Sitomer, Chief Investment Officer at SL Green. “With this acquisition, the new financing, and the recent sale of a joint venture interest in 100 Park Avenue, we are well under way on the execution of our 2026 capital markets strategy.”
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