One of Midtown’s glassy workhorses is changing hands, as SL Green moves to cash in on a fully leased tower while it keeps slimming down its portfolio.
SL Green is selling 10 East 53rd Street in Midtown Manhattan to Meadow Partners for roughly $312 million, a marquee trade for a rebound‑minded office market. The 37‑story tower spans about 390,000 square feet and was roughly 90 percent leased at the time of reporting, with tenants including Compass and the International Swaps and Derivatives Association (ISDA). The price comes out to roughly $800 per square foot and signals that investors are still hungry for stabilized Midtown office product.
Deal details
As reported by The Real Deal, Meadow Partners agreed to buy the building for $312 million, implying a capitalization rate in the mid‑5 percent range. According to that report, representatives for both SL Green and Meadow Partners could not be immediately reached for comment.
Building and tenants
According to SL Green, 10 East 53rd Street offers a renovated lobby, an on‑site Equinox and retail that includes Blue Bottle Coffee. The property lists major tenants such as Compass, ISDA and Ermenegildo Zegna. SL Green’s materials highlight side‑core floor plates and several full‑floor blocks that help make the 37‑story tower appealing to institutional buyers looking for clean, stabilized office floors rather than complicated lease‑up plays.
Part of a larger sell‑off
The sale fits into a broader shedding of assets that SL Green outlined in December, when the company said it aimed to trim roughly $2.5 billion of properties to shore up cash flow and push back against higher borrowing costs, as reported by The Real Deal. In the months since, the real estate investment trust has closed several stake and single‑asset sales as it reshapes its holdings.
Buyer background
Meadow Partners, led by Jeffrey Kaplan, Andrew McDaniel and Tim Yantz, has been active in New York’s middle market and raised about $530 million in 2024 to target deals in New York and London, according to Meadow Partners. The firm has also deployed preferred‑equity capital into Manhattan assets in recent months, giving it multiple ways to play the city’s choppy office cycle.
Market context
The timing is not accidental. The sale comes as Manhattan leasing has picked up: brokerage firm Colliers reported that 2025 delivered Manhattan’s strongest yearly leasing total since 2019, with roughly 41.9 million square feet of deals signed. That renewed activity has boosted demand for well‑located, highly leased buildings, even as lenders and buyers continue to underwrite deals with higher interest rates in mind.
What’s next
The transaction still has to clear customary closing conditions and due diligence before Meadow Partners takes full control. After that, the buyer is expected to evaluate capital plans and any future leasing moves for the property. As of when the sale was reported, neither SL Green nor Meadow Partners had laid out public repositioning or redevelopment plans for the tower.
