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SL Green Sheds Midtown Office Tower in $312 Million Deal

SL Green Sheds Midtown Office Tower in $312 Million Deal

Manhattan’s largest office landlord, SL Green Realty Corp., has finalized the sale of 10 East 53rd Street for $312.2 million. The transaction, involving a 37-story Midtown East asset currently holding a 92% occupancy rate, marks a significant shift in the firm’s portfolio composition within the competitive Fifth and Madison corridor.

The legal strategy for the divestment was spearheaded by Greenberg Traurig, specifically New York Real Estate Practice Co-Chair Adam M. Goldstein. His team, including associates Shimmy Friedlander and Tatiana Codner alongside paralegal supervisor Tana Brkani, managed the complex transfer of the 390,000-square-foot property. This sale follows a string of recent collaborations between the two entities, most notably the divestment of a joint venture interest in the 346 Madison Avenue development. By offloading this high-occupancy Midtown asset, SL Green continues its tactical adjustment of real estate holdings amidst broader market fluctuations.

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