SL Green Sells Minority Share of 100 Park Avenue to Rockpoint

SL Green has sold 49 percent of its 905,000-square-foot office building at 100 Park Avenue to Boston-based private equity firm Rockpoint, the companies announced Tuesday.

Adam Spies, Doug Harmon, Adam Doneger, Josh King, Marcella Fasulo, Brett Siegel, Ben Lushing, and Avery Silverstein from Newmark advised on the transaction.

“We have known the SL Green team for a long time and look forward to partnering to maintain and enhance 100 Park’s positioning as a highly desirable Midtown office destination,” Dan Domb, a managing member and chief operating officer at Rockpoint, said in the joint announcement. “As our first significant post-COVID office investment, 100 Park represents the kind of highly targeted opportunity that we find attractive today given the vibrancy of New York, and the favorable supply/demand dynamics for high-quality and extremely well-located properties like this one.”

100 Park Avenue, between East 40th and East 41st streets one block south of Grand Central Terminal, was completed in 1949 and underwent a $72 million redevelopment in 2008. SL Green, along with partner PGIM Real Estate, acquired the building in 2000.

SL Green secured a $360 million refinancing for the property in January 2021, with Aareal Capital providing the floating-rate loan, as Commercial Observer reported. Aareal provided additional financing of $63 million in December 2024, according to public records. 

The 36-story building was upgraded in 2021 with an 11,000-square-foot second-floor amenity center, as CO reported. Amenities include a lounge, a game room, a faux fireplace, a golf simulator, a personal training studio, conference rooms and more. Architectural design firm Design Republic handled the revamp. 

The Real Deal, which was first to report the sale of the minority share, noted that SL Green bought a 49 percent stake in the building from PGIM in December 2024 at a $360 million valuation. The company then “injected some of its own equity” before flipping the 49 percent share to Rockpoint. 

SL Green and Rockpoint, in their joint venture announcement, declared a total gross asset valuation for the property of $425 million. However, a source close to the deal told CO that the total capitalization amount, inclusive of leasing cost obligations, is closer to $540 million. 

The companies see this transaction as a clear sign of the current evolving strength of the New York City office market.

“We’re excited to begin our partnership with Rockpoint at 100 Park Avenue in a transaction that underscores the strength of high-quality office assets in premier locations in an improving Manhattan office market,” Harrison Sitomer, chief investment officer at SL Green, said in the announcement.

Tenants in the building include consulting firm Alvarez & Marsal, which signed a lease for 220,221 square feet in the building in December 2024, and real estate services firm Brixmor Operating Partnership, which renewed its 18,655 square feet in the building for an additional three years in April 2025, as CO reported. Construction giant AECOM, information services firm AlphaSights, Starz Entertainment, BR+A Consulting Engineers and Banc of California are also tenants in the building, which is currently 97 percent leased, according to a source.

Asking rents in the building average around $65 to $70 per square foot, but several tenants are paying as high as $90 per square foot, according to the source.

Newmark declined to comment. 

Larry Getlen can be reached at lgetlen@commercialobserver.com.