- SL Green Realty has listed two premium Manhattan office buildings—110 Greene St. in SoHo and 690 Madison Ave. near Central Park—for sale, amid rising demand in NYC’s office market.
- The properties, which house luxury retail tenants like Balenciaga and Van Cleef & Arpels, are expected to fetch around $300M.
- The listings reflect growing investor confidence in Manhattan real estate, with office leasing up 59% year-over-year in Q1 2025.
SL Green Realty Corp., Manhattan’s largest office landlord, is preparing to sell two of its marquee properties as the city’s office market gains traction, reports Bloomberg. The firm has tapped Eastdil Secured to market 110 Greene St. in SoHo and 690 Madison Ave., just one block from Central Park.
Two Hot Properties
The two buildings are in highly coveted submarkets. The 13-story, 295K SF building at 110 Greene St. includes tenants such as Avoro Capital and a Balenciaga store on the ground floor. Meanwhile, 690 Madison Ave.—which SL Green took control of via foreclosure in 2021 and partially sold to retail magnate Jeff Sutton last year—hosts Van Cleef & Arpels, a high-end jeweler.
According to marketing materials reviewed by Bloomberg, both properties together could command roughly $300M. Eastdil managing director Will Silverman described the package as a “rare opportunity” to gain access to two of the world’s most “impenetrable” real estate markets.
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Momentum In Manhattan
The Manhattan office market is showing clear signs of life. Leasing activity rose 59% in the first quarter compared to a year earlier, per CBRE. Investment sales are also ticking up: Amazon recently purchased a Fifth Avenue office tower near the former Lord & Taylor flagship, and RXR struck a nearly $1.1B deal for 590 Madison Ave.
Why It Matters
SL Green’s move to divest these properties may be a strategic play to capitalize on improving market sentiment and recycle capital. The sale would come at a time when high-end assets in top locations are drawing renewed attention from both institutional and private buyers, especially as trophy office and mixed-use properties regain investor interest.
What’s Next
While pricing details remain private, the offering marks another step in SL Green’s ongoing strategy of selective asset sales and repositioning. If successful, the deal could set a benchmark for luxury office asset valuations in Manhattan’s recovering market.
