SL Green’s 245 Park Avenue Tower Hits 100% Occupancy Post-Repositioning

By the Editorial Team · Monday, October 19, 2026

SL Green Realty Corp.'s 44-story office tower at 245 Park Avenue in New York City has achieved full occupancy after completing a $225 million renovation and securing a $2 billion refinancing. The upgrades, including enhanced amenities and a new restaurant set to open by 2027, have significantly increased rental rates and positioned the building as a top-tier asset in the competitive Park Avenue office market.

SL Green Realty Corp. has announced that its 44-story office tower at 245 Park Avenue in New York City reached full occupancy in September following an extensive $225 million repositioning project. The building, which spans 1.8 million square feet across the block between East 46th and East 47th streets, entered this new phase shortly after the company secured a $2 billion refinancing.

The repositioning effort includes an updated public plaza, a redesigned Park Avenue podium façade by architectural firm KPF, upgraded tenant amenities, and the upcoming addition of a restaurant operated by John Meadow’s LDV Hospitality. The improvements are expected to be completed by March 2027. SL Green CEO Marc Holliday described the renovation as a comprehensive overhaul intended to elevate the property to “world-class standards” and make it fully competitive in the highly competitive Park Avenue office market.

SL Green initially took full ownership of 245 Park Avenue in 2022 after a “contentious bankruptcy” involving the prior owner. At that time, rents were approximately $85 per square foot, but recent asking rates have increased to about $185 per square foot. The final lease that brought the building to full capacity was signed by Nearwater Management, which committed to 36,563 square feet. Other notable tenants secured during the repositioning include Area Management, Carlyle Investment Management, EQT Partners, and Houlihan Lokey.

Holliday praised joint-venture partner Mori Trust and KPF for collaborating on the project’s vision and credited the New York City Department of City Planning for its cooperation in redesigning the plaza. He also highlighted the strong backing from the debt market for the refinancing led by JPMorgan Chase and involving six other banks, which replaced a $1.2 billion mortgage and a $568 million mezzanine loan.

A notable upcoming addition to the tower is a 10,000-square-foot restaurant at the ground-level corner on the Park Avenue side, set to be operated by Meadow’s LDV Hospitality group, known for its Scarpetta trattorias. The space has been vacant for several years, and the specific restaurant concept has yet to be finalized. Holliday emphasized LDV’s reputation as an experienced operator in choosing the partner for this venture.

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