SL Green is shopping its Midtown office tower at 1350 Sixth Avenue, floating a price tag of up to $360 million. The potential sale is part of a broader portfolio reshuffle as the REIT works to shore up liquidity, and the building’s mix of leased and available space is being pitched as a draw for investors who like a bit of near-term leasing upside with their cash flow.
Industry sources say the roughly 600,000-square-foot tower is being marketed at about $600 per square foot and is currently around 80 percent occupied after Amazon decamped to a nearby Lord & Taylor campus. Veteran broker Darcy Stacom of StacomCRE is handling the assignment. Market watchers note that the combination of steady in-place income and remaining vacancy gives buyers room to create value through re-leasing, according to The Real Deal.
Why SL Green Is Selling
Late last year, executives told investors that SL Green plans to unload roughly $2.5 billion in Manhattan assets to pay down debt and ease the squeeze from higher interest rates. Chief Financial Officer Matthew DiLiberto acknowledged that selling buildings "costs us earnings" but said the strategy is necessary to bring leverage down, according to Bisnow. Management has already pointed to a short list of properties and stakes that could hit the market this year, and 1350 Sixth Avenue is now on that board.
Where 1350 Sixth Fits in Midtown
The building sits directly across from Fisher Brothers’ 1345 Sixth Avenue, which carried a roughly $1.4 billion valuation when Blackstone bought a stake, a reminder that values can swing block-to-block in Midtown. Sixth Avenue’s availability rate was just under 17 percent at the end of 2025, a middle ground between Park Avenue’s tighter market and higher-vacancy stretches elsewhere in the city. That submarket backdrop is central to SL Green’s pitch that a partially leased tower here is a straightforward near-term leasing play, per The Real Deal.
Who Might Buy
SL Green executives maintain that appetite for Manhattan assets is still strong, particularly among overseas investors who view New York real estate as a long-term store of value. CEO Marc Holliday told investors that interest from Asia, Europe and the Middle East was "as strong as I have ever seen," according to CoStar News. That cross-border demand could widen the bidding field beyond the usual roster of private-equity players and domestic REITs.
What’s Next
SL Green has already started to move pieces around the board. Around New Year’s Eve, the company closed a partnership with Rockpoint at 100 Park Avenue, and at its Q4 earnings call management reiterated that roughly $2.5 billion in dispositions are expected in 2026. The company has said proceeds will go toward refinancing debt, funding strategic acquisitions and supporting its lending platform, according to the Q4 earnings transcript published by The Motley Fool. The real test for 1350 Sixth Avenue will be whether buyers are willing to pay up for a Midtown tower that comes with both solid cash flow and some leftover leasing upside.
