SL Green To Acquire 500 Park Avenue For $130.0 Mln

(RTTNews) - SL Green Realty Corp. (SLG), an integrated real estate investment trust, or REIT, said Tuesday that it signed a contract to purchase 500 Park Avenue for $130.0 million.

SL Green plans to upgrade the lobby, add new amenities, and improve the public plaza as part of its investment plan. The 11-story Class A office building has been located since 1960 on the corner of 59th Street and Park Avenue.

Chief Investment Officer, Harrison Sitomer, said, "500 Park Avenue is an extraordinary addition to our Park Avenue portfolio and a rare opportunity to own an iconic asset that hasn't traded in more than 40 years."

Monday, SLG closed its regular trading at 1.09% less at $78.09.