Sl Green Rlty Stock Price, News & Analysis

SL Green Realty Corp (NYSE: SLG) announced multiple transactions at 100 Park Avenue, including a new 220,221 square-foot lease with Alvarez & Marsal Holdings for a 15-year term. The lease covers floors 3, 4, and 7-9, bringing the building's occupancy to 95.8%.

The company modified its existing $360.0 million mortgage, extending the maturity date to December 2027 while maintaining the interest rate at 2.25% over Term SOFR. Additionally, lenders provided a new $70.0 million future funding facility for leasing costs.

100 Park Avenue is a 36-story, 834,000-square-foot office tower near Grand Central Terminal, featuring a newly renovated amenity center with a lounge, golf simulator, game room, training studio, and conference rooms.

SL Green Realty Corp (NYSE: SLG), Manhattan's largest office landlord, has announced a 3.0% increase in its annual ordinary dividend to $3.09 per share for 2025. The dividend will be paid monthly in cash, with the first payment of $0.2575 per share scheduled for January 15, 2025, to stockholders of record as of December 31, 2024.

Additionally, the company declared a quarterly dividend on Series I Preferred Stock of $0.40625 per share for the period October 15, 2024, through January 14, 2025, equivalent to an annualized dividend of $1.625 per share, payable January 15, 2025.

SL Green Realty Corp (NYSE: SLG), Manhattan's largest office landlord, has secured a $250.0 million anchor commitment from a Canadian institutional investor for its SLG Opportunistic Debt Fund. The anchor investor manages public and parapublic pension plans and insurance programs, and ranks among the world's largest institutional investors.

The fund, launched in 2024, aims to capitalize on current capital markets dislocation through structured debt investments in high-quality New York City commercial assets. The fund's strategy includes originating new loans and purchasing existing loans, loan portfolios, and controlling CMBS securities.

SL Green Realty Corp and partners have secured a modification of the $1.25 billion mortgage facility for One Madison Avenue, extending maturity to November 2027 while maintaining the 3.10% interest rate over Term SOFR. The facility, led by Wells Fargo Bank with 14 global banks, includes potential rate reduction upon meeting leasing thresholds.

The property is currently more than 65% leased overall, with tower floors and retail spaces 100% leased. Major tenants include Franklin Templeton, Coinbase, Palo Alto Networks, and IBM, which established its headquarters there in September. The building features state-of-the-art amenities, including La Tête d'Or restaurant and Le Jardin Sur Madison rooftop garden.

SL Green Realty Corp has contracted to purchase 500 Park Avenue for $130.0 million. The historic, landmarked 11-story Class A office building, designed by Skidmore, Owings & Merrill, offers 201,000 square feet of luxury office and prime retail space. Located at 59th Street and Park Avenue, the property houses high-end tenants including Vera Wang, The Georgetown Company, and Friedland Properties, with FRATO's flagship NYC showroom in the retail space. SL Green plans to reposition the lobby, add amenities, and improve the public plaza. The building, formerly Pepsi-Cola headquarters, hasn't traded in over 40 years.

SL Green Realty Corp (NYSE: SLG) announced the pricing of an underwritten public offering of 5,063,291 shares of common stock at $79.00 per share. The company granted underwriters an option to purchase up to 759,493 additional shares within 30 days. The offering, expected to close on November 25, 2024, will use proceeds for general corporate purposes, including new investments and debt repayment. Wells Fargo Securities, J.P. Morgan, TD Securities, BMO Capital Markets, and Deutsche Bank Securities are serving as joint bookrunning managers.

SL Green Realty Corp (NYSE: SLG) has announced a $400 million public offering of common stock, with an additional 30-day option for underwriters to purchase up to $60 million more shares. The company plans to use the proceeds for general corporate purposes, including new debt and equity investments and debt repayment. Wells Fargo Securities, J.P. Morgan, TD Securities, BMO Capital Markets, and Deutsche Bank Securities are acting as joint bookrunning managers. As Manhattan's largest office landlord, SLG holds interests in 55 buildings totaling 31.8 million square feet, including 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

SL Green Realty Corp has completed the sale of an 11.0% interest in One Vanderbilt Avenue to Mori Building Co at a gross valuation of $4.7 billion. Following the transaction, SLG maintains a 60.0% ownership stake in the property. The 1.7 million-square-foot skyscraper, standing 1,401 feet tall in Manhattan, is 100% leased and houses premier finance, technology, law, and real estate firms. The building features SUMMIT One Vanderbilt observation experience, two Michelin-starred restaurants, and direct connection to Grand Central Terminal.

SL Green Realty Corp has successfully modified and extended the $742.8 million mortgage on 1515 Broadway. The extension pushes the maturity date by three years to March 2028, maintaining the interest rate at 3.93%. The 54-story office tower, located in Times Square, is fully leased to Viacom and houses the Minskoff Theatre. SL Green, in partnership with Caesars Entertainment and Roc Nation, is pursuing a proposal to transform the property into Caesars Palace Times Square, competing for one of three downstate New York gaming licenses expected to be awarded in 2025.