One Park Avenue to Sell for $550 Million

One Park Avenue, an 18-story Class A office building, is in contract to Murray Hill Properties. The building, owned by SL Green, is being sold for around $550 million, according to two sources familiar with the deal.

The 920,000-square-foot building will sell for about $585 a foot. That trumps the $526 a foot that 2 Park Avenue, directly across the street, got two months ago when L & L Holding Company bought it for $450 million.

One Park Avenue

One Park Avenue’s tenants include American Media–Star, The National Enquirer–and Equinox, which has office space in the building and a brand-new gym coming soon.

The building will be the largest in Murray Hill’s portfolio, which includes four Manhattan buildings, including 417 Fifth Avenue and the Brill Building, according to the firm’s Web site. Representatives from Murray Hill and SL Green declined to comment. CB Richard Ellis’ Darcy Stacom and Bill Shanahan–who have had a busy week–represented SL Green. They were not available for comment.

– John Koblin One Park Avenue to Sell for $550 Million