TPG Acquires Two Park Avenue South Office Towers Amid $1.53B Q2 Real Estate Investment Surge
TPG Acquires Two Park Avenue South Office Towers Amid $1.53B Q2 Real Estate Investment Surge
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August 8, 2025 | New York City
Global investment firm TPG has made a major move in New York City’s office market, acquiring two adjacent towers on Park Avenue South shortly after the second quarter ended. While specific details of the acquisition were not disclosed, the firm confirmed the purchase on its recent earnings call. The transaction is part of TPG’s broader real estate strategy, which saw $1.53 billion in investments during Q2 — a sharp increase from $1.14 billion during the same period last year.
TPG CEO Jon Winkelried described the Park Avenue South acquisition as a strategic play in one of Manhattan’s most promising submarkets. He highlighted the area's “favorable supply-demand dynamics” and noted that Gramercy Park — which includes Park Avenue South — has shown significant improvement in leasing fundamentals. According to CoStar, leasing volume in Gramercy Park was up over 60% in 2024 and climbed another 50% in early 2025, signaling a strong recovery.
This deal adds to TPG’s growing real estate footprint in New York. The firm recently consolidated two offices into Tishman Speyer’s high-profile Spiral building at 66 Hudson Boulevard. TPG was also reported to have led a recapitalization of 225 Park Avenue South earlier this year, underscoring its continued confidence in core Manhattan assets. While the company’s real estate capital raise was down in Q2 compared to last year, its portfolio still appreciated by 3% in the quarter and 14% over the past 12 months.
Looking ahead, TPG plans to continue its patient yet opportunistic approach in real estate, leveraging its $13 billion in deployable capital. With liquidity challenges facing some sellers, the firm sees ongoing opportunities to acquire high-quality assets that may have previously been unavailable. Its investment focus remains strong across offices, industrial, residential, and data center assets — sectors showing the highest resilience and upside in a volatile market.
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