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<\/p>\nManhattan\u2019s largest office landlord is one step closer to completing a $2.5B sell-off after reaching a deal to offload\u00a0a 390K SF trophy tower in Midtown East.<\/p>\n
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\n SL Green announced the sale of its trophy office tower at 10 E. 53rd St. for $312.2M on Monday.\n <\/p>\n
SL Green<\/a>\u00a0reached a deal to sell the 37-story office building at 10 E. 53rd St. for $312.2M to Meadow Partners<\/a>, the landlord announced Monday<\/a>. The office tower\u00a0sits between Madison and\u00a0Fifth avenues and is currently 92% leased, according to a release.\u00a0<\/p>\n The REIT expects the sale to generate $100M in cash. The building had a $205M mortgage that initially matured in May but could be extended to 2028, according to SL Green’s annual report<\/a>.<\/p>\n SL Green and Canada Pension Plan Investment Board acquired the building in 2012<\/a> for $252.5M. The REIT bought out the pension fund’s minority stake in 2024 at a $236M gross valuation and extended the mortgage\u2019s final maturity<\/a>\u00a0at the same time.<\/p>\n Less than two years later, Meadow Partners agreed to pay 32% more than that to acquire the building, which was constructed in 1971, a sign of how desirable office\u00a0towers\u00a0close to Grand Central have become.<\/p>\n \u201cWe positioned the asset to capitalize on strong investor demand for high-quality, well-located Midtown assets,\u201d SL Green President and CEO Harrison Sitomer<\/a> said in a statement.<\/p>\n SL Green laid out a $2.5B property sales goal at an investor meeting last year, citing stubbornly high interest rates as the driving factor,\u00a0Crain\u2019s New York Business previously reported<\/a>. The company plans to use the proceeds of the sale of 10 E. 53rd to pay down some of its corporate debt. It had nearly $4.8B of total debt at the end of the first quarter, up from $4B at the end of 2025.<\/p>\n Newmark<\/a>\u2019s Adam Spies, Adam Doneger and Avery Silverstein advised on the deal. SL Green and Meadow Partners didn’t immediately respond to requests for comment.<\/p>\n The deal follows several other sales executed by the landlord this year.<\/p>\n In\u00a0March, it\u00a0sold\u00a0the residential and retail components of a 34-story, mixed-use Tribeca building\u00a0at 7 Dey St.<\/a> to GO Residential REIT.\u00a0The same month<\/a>, SL Green sold a fully leased, 8K SF, five-story retail building at 690 Madison Ave. it co-owned with Jeff Sutton\u2019s Wharton Properties for $54.5M.<\/p>\n SL Green has also sold off interests from some of its offices since the start of the year.\u00a0<\/p>\n It closed on the sale of\u00a0a 49% stake\u00a0in<\/a> 100 Park Ave. to Rockpoint that valued the property at $425M at the start of the year, as well as a 49% stake in<\/a> its upcoming office development at 346 Madison Ave. last week to Japanese investor Mori Building Co. that valued the property at $175M.<\/p>\n