New York-based private equity group OceanSound Partners has significantly expanded its presence in SL Green Realty's 450 Park Avenue office tower in Midtown Manhattan. Through a new five-year lease, OceanSound secures a total of 32,032 square feet, spanning the entire eighth, 22nd and 23rd floors of the high-rise at the corner of Park Avenue and East 57th Street. OceanSound previously leased 21,640 square feet on the 22nd and 23rd floors.
For OceanSound, the transaction was handled by John Johnson of Savills. Negotiations on behalf of SL Green were led by Paul Amrich, Neil King, Alex D'Amario, Matthew Dichter and Brooke Dewing from CBRE. The exact lease terms were not disclosed. However, according to media reports from March, the asking rent in the building was USD 170 per square foot.
Building Acquisition and Tenant Structure
SL Green acquired the Midtown building from Oxford Properties and Crown Acquisitions for USD 445 million in April 2022. Steven Durels, SL Green's Director of Leasing and Real Estate, stated that the landlord's recent renovations in the building had successfully attracted tenants seeking 'high-quality amenities in a luxury location'.
450 Park Avenue is home to a number of prominent tenants. These include Steadfast Financial, an investment advisory firm located on the 20th and 21st floors. Other notable companies that have leased space in the building are the Brazilian Banco Bradesco, the British-American hedge fund Blue Crest Capital Management, the alternative credit platform Willow Tree Credit Partners and the principal investing firm Garnett Station Partners.
- —Banco Bradesco (Brazilian bank)
- —Blue Crest Capital Management (British-American hedge fund)
- —Willow Tree Credit Partners (alternative credit platform)
- —Garnett Station Partners (principal investing firm)
The tower's most prominent tenant is located on the ground floor, where the luxury sports car brand Aston Martin from the UK opened a showroom in 2023. Spokespersons for Savills and CBRE initially did not respond to requests for comment.
