SL Green Realty Corp. has sold a 49% ownership interest in its 36‑story, 905,000‑square‑foot office tower at 100 Park Avenue to Boston‑based private‑equity firm Rockpoint for $425 million in gross terms. The transaction values the building at roughly $469 million per 100% of the equity, and Rockpoint will hold a substantial minority stake while SL Green retains majority ownership and operational control.
The sale is part of SL Green’s broader strategy to monetize high‑quality assets while preserving long‑term ownership. 100 Park Avenue, located just steps from Grand Central Terminal, is a cornerstone of the company’s Manhattan core portfolio. By partnering with Rockpoint, SL Green can unlock liquidity for future acquisitions and capital‑intensive projects without ceding control of the property. The deal is one of several under a $2.5 billion asset‑sale plan that the company has outlined for the coming years.
Rockpoint’s investment marks its first significant post‑COVID office purchase. The firm highlighted the tower’s prime location, LEED Gold certification, and strong tenant mix—including Alphasights and Alvarez & Marsal—as key drivers of the deal. “This is a highly targeted opportunity that reflects the vibrancy of New York and the favorable supply‑demand dynamics for high‑quality, well‑located properties,” said Dan Domb, COO of Rockpoint.
SL Green’s recent financials provide context for the transaction. The company reported Q3 2025 earnings per share of $0.34 and funds from operations of $1.58 per share, compared with a net loss of $0.21 and FFO of $1.13 per share in Q3 2024. The firm’s 2026 FFO guidance of $4.40–$4.70 per share falls short of the consensus estimate of $5.13, reflecting concerns about the company’s balance sheet—its debt‑to‑equity ratio sits at 1.31 and an Altman Z‑score of 0.5 places it in the distress zone. The sale of 49% of 100 Park Avenue is a step toward reducing leverage and improving liquidity.
The Manhattan office market is expected to record its best year since 2019 in 2025 as employees return to the office, but absorption in 2026 is projected to remain well below pre‑COVID levels. 100 Park Avenue’s high‑quality tenants and prime location near Grand Central give it a competitive edge in a market that is still adjusting to post‑pandemic demand. The transaction underscores the resilience of premium office assets even as the broader market faces headwinds.
The deal is expected to close later in 2026, with SL Green maintaining majority ownership and operational control of the tower. The company’s CEO, Harrison Sitomer, emphasized that the partnership “underscores the strength of high‑quality office assets in premier locations in an improving Manhattan office market,” while Rockpoint’s COO noted the strategic fit of the property within its portfolio of opportunistic, value‑enhancement investments.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.