SL Green and Rockpoint Form Joint Venture for 100 Park Avenue Ownership
On January 6, 2026, SL Green Realty Corp. (NYSE: SLG), one of Manhattan’s largest office landlords, and Rockpoint, a prominent Boston-based real estate private equity firm, announced a strategic joint venture for the ownership of 100 Park Avenue. This collaboration involves SL Green selling a 49% stake to Rockpoint, valuing the gross assets at approximately $425 million.
Significance of the Joint Venture
The partnership aims to highlight the enduring strength of high-quality office properties in prime locations amid a recovering Manhattan office market. “We’re excited to begin our partnership with Rockpoint at 100 Park Avenue in a transaction that underscores the strength of high-quality office assets,” stated Harrison Sitomer, Chief Investment Officer at SL Green. He emphasized the potential of this venture in maintaining 100 Park as a highly sought-after midtown office destination.
Dan Domb, Managing Member and COO at Rockpoint, added, “Office has been a significant focus for Rockpoint throughout our 31-year history. This post-COVID investment represents a targeted opportunity given New York's vibrancy and favorable supply/demand dynamics.”
Details of 100 Park Avenue
100 Park Avenue is a notable 36-story office tower situated just steps from Grand Central Terminal, encompassing a total of 905,000 square feet. The building features a newly renovated amenity center on its second floor, which includes:
- State-of-the-art lounge
- Golf simulator
- Game room
- Personal training studio
- Conference rooms
Major tenants within the building include Alphasights and Alvarez & Marsal Holdings, signing significant leases of 192,630 square feet and 220,221 square feet, respectively, indicating a demand for high-quality office space in the area.
Strategic Implications for SL Green (NYSE: SLG)
With a robust portfolio that includes other notable properties along Park Avenue, such as One Vanderbilt Avenue and Park Avenue Tower, SL Green continues to solidify its presence in the Manhattan commercial real estate market. The company currently holds interests in 53 buildings totaling 30.7 million square feet as of September 30, 2025.
As Rockpoint has made 106 office investments across the U.S. over the last three decades, totaling an impressive 71 million square feet, their experience in the sector will be crucial in optimizing 100 Park Avenue’s value.
About SL Green and Rockpoint
SL Green Realty Corp. operates as a fully integrated real estate investment trust (REIT) committed to acquiring, managing, and maximizing the value of Manhattan commercial properties. In contrast, Rockpoint employs a fundamental value investment strategy, focusing on select property types and markets across the U.S. The firm seeks opportunities that exhibit strong value potential, boasting a track record of over $81 billion in total peak capitalization since its inception.
Forward-Looking Statements
This announcement includes forward-looking statements protected under the Private Securities Litigation Reform Act of 1995. While these statements are intended to reflect expectations regarding future events, actual results may differ significantly due to various factors, including those detailed in SL Green's filings with the Securities and Exchange Commission. Stakeholders are advised to consider these uncertainties.