SL Green Announces Series of Transactions at 800 Third Avenue
Rhea-AI Summary
SL Green (NYSE:SLG) closed on the purchase of its joint venture partners’ combined 39.48% interest in 800 Third Avenue for $5.1 million, bringing its ownership to 100% of the asset.
The company also completed a modification and extension of the property’s existing $177.0 million mortgage, moving the maturity from February 2026 to February 2031 (including extension options). The loan margin remains 1.70% over Term SOFR, and SL Green fixed the all-in rate at 5.03% from February 2026 through the initial maturity in February 2029.
800 Third Avenue is a 41-story Midtown Manhattan office tower near Grand Central Terminal and multiple subway lines.
Positive
- Acquired remaining 39.48% stake for $5.1M
- Increased ownership to 100% of 800 Third Avenue
- Extended mortgage maturity from Feb 2026 to Feb 2031
- Fixed interest at 5.03% through Feb 2029
Negative
- Maintains a $177.0M mortgage balance on the asset
- Interest rate fixation ends after Feb 2029, exposing future rate risk
Key Figures
Market Reality Check
Peers on Argus
SLG fell 3.98% while peers showed mixed moves: most office REITs like CUZ, DEI, CDP and VNO declined modestly, whereas KRC rose slightly, suggesting stock-specific pressure rather than a unified sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 19 | Dividend declaration | Positive | -1.4% | Announced monthly ordinary dividend of $0.2575 per common share. |
| Oct 17 | Dividend declaration | Positive | -2.3% | Declared monthly cash dividend of $0.2575 per share, $3.09 annualized. |
| Oct 15 | Earnings release | Positive | +2.0% | Reported Q3 2025 EPS of $0.34 and FFO of $1.58 per share. |
| Oct 15 | Leasing update | Positive | +2.0% | Disclosed 1.92M sq ft of 2025 Manhattan office leasing volume. |
| Oct 15 | Major acquisition | Positive | +2.0% | Agreed to acquire Park Avenue Tower in Manhattan for $730.0M. |
Operational and acquisition updates have recently seen positive price reactions, while routine dividend declarations have coincided with modest declines, indicating a mixed response pattern to shareholder-focused news.
Over the last few months, SL Green has highlighted steady dividends of $0.2575 per share monthly and Q3 2025 results with net income of $24.9M and FFO of $120.4M. The company also announced a $730.0M acquisition of Park Avenue Tower and leasing volume exceeding 1.9M sq ft in Manhattan. Those October operational and acquisition updates coincided with a 1.98% price gain, whereas recent dividend announcements saw modest negative reactions, framing today’s asset-specific transaction within an active capital allocation strategy.
Market Pulse Summary
This announcement highlights SL Green’s move to consolidate 100% ownership of 800 Third Avenue while extending the $177.0M mortgage from February 2026 to February 2031 at a spread of 1.70% over Term SOFR, fixed at 5.03% for several years. In context of recent acquisitions and leasing momentum, investors may focus on how this asset’s cash flows, occupancy trends, and refinancing terms contribute to overall portfolio stability and debt management.
Key Terms
term sofr financial
AI-generated analysis. Not financial advice.
Consolidates
NEW YORK, Dec. 05, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has closed on the acquisition of its joint venture partners’ combined
The mortgage modification extended the maturity date from February 2026 to February 2031, inclusive of all available extension options. The interest rate was maintained at
“These strategic transactions exemplify SL Green’s long-term outlook on well-located Midtown Manhattan assets and demonstrate our ability to execute loan modifications that extend our maturity profile while maintaining accretive terms,” said Harrison Sitomer, Chief Investment Officer of SL Green. “We continue to see strong momentum on Third Avenue, with residential conversions helping reposition the corridor for strong office sector growth.”
800 Third Avenue is a 41-story glass and steel office tower located between 49th and 50th Streets on the east side of Midtown Manhattan. The building features sweeping Manhattan and Hudson River views and benefits from close proximity to Grand Central Terminal as well as the 4, 5, 6, E, and M subway lines.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.1 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.
Forward Looking Statement
This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
SLG – A&D
Press Contact
slgreen@berlinrosen.com
FAQ
What did SLG announce about ownership of 800 Third Avenue on December 5, 2025?
How did SLG change the mortgage on 800 Third Avenue as of December 5, 2025?
What is the fixed interest rate SLG secured for 800 Third Avenue and for what period?
How large is the mortgage remaining on 800 Third Avenue after SLG’s transactions?
What is the address and type of the asset SLG now fully owns?
When does the extended mortgage on 800 Third Avenue now mature after SLG’s deal?
