SL Green to Sell 10 East 53rd Street to Meadow Partners for $312M
By Emily Davis June 1, 2026 9:49 am
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SL Green Realty is selling 10 East 53rd Street to Jeffrey Kaplan’s Meadow Partners in an offload valued at $312.2 million.
The deal between New York City’s largest office landlord and the real estate private equity manager was announced Monday. Newmark’s Adam Spies, Adam Doneger and Avery Silverstein advised both parties in the transaction. SL Green will continue to manage the property.
The sale, first reported by The Real Deal, is expected to close in the third quarter of 2026. Newmark’s Jordan Roeschlaub and Nick Scribani are handling the debt assignment for the acquisition financing, seeking a 50 percent loan-to-value ratio, Commercial Observer has learned.
The Midtown East office tower, located on 53rd Street between Fifth and Madison avenues, was acquired by SL Green in 2012 for $252.5 million. SL Green took over its partner Canada Pension Plan Investment’s stake two years later at a valuation of $236 million.
During its tenure at 10 East 53rd Street, SL Green oversaw a $170 million redevelopment to reposition the 390,000-square-foot building as a Class A asset. SL Green’s net cash proceeds from the sale, approximately $100 million, will be used for corporate debt repayment, according to the announcement.
Harrison Sitomer, president and chief investment officer of SL Green, called the deal a “meaningful step forward” in executing the company’s $2.5 billion 2026 strategic disposition plan.
“Following our acquisition of the remaining ownership interest in the property in December 2024, we positioned the asset to capitalize on strong investor demand for high-quality, well-located Midtown assets, and we look forward to continuing to manage the property moving forward,” Sitomer said in a statement.
The tower’s 37 stories are currently 92 percent leased, according to the announcement, with major office tenants including brokerage Compass and Swarovski North America. Equinox Fitness and Metropolitan Bank number among its retail tenants.
Meadow Partners’ $530 million flagship fund, raised in 2024, has targeted New York and London real estate. In September 2025, the firm announced a $36 million preferred equity investment in Edward J. Minskoff Equities’ 1166 Avenue of the Americas in Midtown, followed by a $62 million investment in Minskoff and LaSalle Investment Management’s 51 Astor Place earlier this year.
SL Green has stayed busy as well, announcing last week the sale of a 49 percent stake in 346 Madison Avenue to Japanese developer Mori Building Company, with plans to jointly build a new office tower on the Midtown site.
Meadow Partners did not immediately respond to a request for comment.
Emily Davis can be reached at edavis@commercialobserver.com.
