NEW YORK—SL Green Realty Corp. has entered into an agreement to acquire 304 Park Avenue South, a 215,000-sq.-ft.,office and retail building, for $135 million.
SL Green will acquire the property from a partnership headed by David Berley, chairman of Walter & Samuels Inc. In the transaction, SL Green used approximately 50 percent cash and 50 percent operating partnership funds. The seller was represented by Walter & Samuels. Advisor for the transaction was Dough Harmon of Eastdil Secured.
The property is located on the southwest corner of Park Avenue South and 23rd Street in an area that has anmarket vacancy of below 6 percent.
Located in close proximity to Madison Square Park, Union Square, Gramercy Park and the Flatiron districts, 304 Park Avenue South is currently 95 percent leased to such tenants as IMG Models, H&R Block and Time Warner Entertainment.