Key Takeaways
- • OceanSound Partners expanded its Manhattan footprint by 48%, growing from 21,640 square feet to 32,032 square feet under a new five-year direct lease at SL Green's 450 Park Avenue office tower in Midtown.
- • The expansion adds 10,392 square feet across floors 8, 22, and 23 of the Park Avenue property, representing a strategic consolidation from sublease to direct tenant status with the building's owner.
- • The deal reflects continued institutional demand for premium office space; SL Green's asking rent at 450 Park Avenue stood at $170 per square foot as of March 2026, indicating strong pricing power in the luxury Manhattan market.
- • SL Green's property—acquired for $445 million in April 2022—continues to attract high-caliber tenants including hedge funds, alternative credit platforms, and major financial institutions, underscoring the building's positioning as a premier location for financial services firms.
- • Savills represented OceanSound while a five-person CBRE team led by Paul Amrich negotiated for SL Green, demonstrating the institutional-grade brokerage resources deployed on significant Park Avenue transactions.
Summary
OceanSound Partners, a New York-based private equity firm, has completed a significant expansion at SL Green Realty's 450 Park Avenue office tower in Midtown Manhattan. Under a new five-year lease, OceanSound will occupy 32,032 square feet across the entire eighth, 22nd, and 23rd floors—a 48 percent increase from its previous 21,640 square foot sublease position on the 22nd and 23rd floors alone. The expansion represents a strategic move from sublease to direct tenant status, providing OceanSound with greater control over its Manhattan headquarters.
The transaction was brokered by institutional-grade brokers on both sides. John Johnson of Savills represented OceanSound, while a five-member CBRE team—Paul Amrich, Neil King, Alex D'Amario, Matthew Dichter, and Brooke Dewing—negotiated on behalf of SL Green. While specific rent terms were not disclosed, Commercial Observer reported the building's asking rent at $170 per square foot as of March 2026, providing a benchmark for deal pricing in this ultra-prime asset class.
The expansion underscores continued institutional appetite for premium office real estate in Manhattan's financial core. 450 Park Avenue, acquired by SL Green from Oxford Properties and Crown Acquisitions for $445 million in April 2022, has benefited from recent renovations that Steven Durels, SL Green's director of leasing and real property, noted serve to "attract tenants looking for upscale amenities at a luxury location." The building's tenant roster reflects this premium positioning, including hedge fund Blue Crest Capital Management, alternative credit platform Willow Tree Credit Partners, principal investing firm Garnett Station Partners, Brazilian bank Banco Bradesco, and investment advisory services firm Steadfast Financial. The building's ground floor houses an Aston Martin luxury automotive showroom, added in 2023.
The transaction was brokered by institutional-grade brokers on both sides. John Johnson of Savills represented OceanSound, while a five-member CBRE team—Paul Amrich, Neil King, Alex D'Amario, Matthew Dichter, and Brooke Dewing—negotiated on behalf of SL Green. While specific rent terms were not disclosed, Commercial Observer reported the building's asking rent at $170 per square foot as of March 2026, providing a benchmark for deal pricing in this ultra-prime asset class.
The expansion underscores continued institutional appetite for premium office real estate in Manhattan's financial core. 450 Park Avenue, acquired by SL Green from Oxford Properties and Crown Acquisitions for $445 million in April 2022, has benefited from recent renovations that Steven Durels, SL Green's director of leasing and real property, noted serve to "attract tenants looking for upscale amenities at a luxury location." The building's tenant roster reflects this premium positioning, including hedge fund Blue Crest Capital Management, alternative credit platform Willow Tree Credit Partners, principal investing firm Garnett Station Partners, Brazilian bank Banco Bradesco, and investment advisory services firm Steadfast Financial. The building's ground floor houses an Aston Martin luxury automotive showroom, added in 2023.
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