SL Green to Buy a Blackstone Manhattan Tower for $730 Million

SL Green Realty Corp. struck a deal to buy Blackstone Inc.’s Park Avenue Tower in Manhattan in one of the biggest office deals this year.

The New York real estate investment trust is in contract to buy the 36-story building in Midtown Manhattan for $730 million, according to a statement Wednesday. Blackstone bought the building, located at 65 E. 55th St., for $750 million in 2014. The deal is expected to close in the first quarter.

“Park Avenue Tower is strategically located and well-leased at below-market rents, offering significant upside as vacancy in the Park Avenue corridor continues ...