S
L Green Realty purchased a distressed office building at 522 Fifth Avenue for $134 million, a significant discount from its original value of $224 million. The building, which is currently vacant, was previously owned by RFR Realty before being sold to SL Green. The purchase was made possible through a debt acquisition from Credit Suisse, which was facilitated by a Newmark team led by Adam Spies and Joshua King. Despite the purchase, RFR Realty remains optimistic about the future of the building and plans to begin renovations this month. SL Green has not commented on the deal, while RFR Realty has confirmed its proactive approach in working with SL Green on the debt purchase. The transaction provides insight into the evolving situation at the building and the current market for distressed office debt.