Real Estate
Morgan Stanley to Sell NYC Park Avenue Office Condo to SL Green
- REIT agrees to pay roughly $130 million for Midtown property
- Investors are bullish on prospects for Park Avenue offices
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SL Green Realty Corp. is in contract to purchase the office portion of Manhattan’s 500 Park Ave., the former headquarters of PepsiCo Inc., from Morgan Stanley.
SL Green agreed to buy the 11-story office condo at the building, located at the corner of 59th Street, for roughly $130 million, according to people familiar with the deal, who asked not to be named discussing a private matter. The 201,411-square-foot (18,700-square-meter) property includes offices and retail space at the base. It’s connected to a residential condo tower.