SL Green Completes $1.4 Billion Refinancing of 11 Madison Avenue
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, and its partner PGIM have successfully completed a $1.4 billion refinancing of 11 Madison Avenue. The five-year, fixed-rate mortgage carries a 5.625% coupon, hedged to 5.592% for SL Green's portion.
The CMBS financing, led by Wells Fargo Bank with participation from major global financial institutions, replaces the previous $1.4 billion debt structure. The 2.3 million-square-foot, 30-story office tower is currently 93% occupied with prestigious tenants including UBS, Sony, and Fidelity.
SL Green Realty Corp. (NYSE: SLG), il più grande locatore di uffici di Manhattan, e il partner PGIM hanno completato con successo un rifinanziamento da 1,4 miliardi di dollari per 11 Madison Avenue. Il mutuo quinquennale a tasso fisso prevede una cedola del 5,625%, coperta al 5,592% per la quota di SL Green.
Il finanziamento CMBS, guidato da Wells Fargo Bank con la partecipazione di importanti istituzioni finanziarie globali, sostituisce l’attuale struttura debitoria da 1,4 miliardi. Il grattacielo di 2,3 milioni di piedi quadrati e 30 piani è attualmente occupato al 93% con tenant di prestigio come UBS, Sony e Fidelity.
SL Green Realty Corp. (NYSE: SLG), el mayor arrendador de oficinas de Manhattan, y su socio PGIM han completado con éxito un refinanciamiento de 1,4 mil millones de dólares para 11 Madison Avenue. La hipoteca a interés fijo a cinco años tiene un cupón de 5,625%, asegurado al 5,592% para la parte de SL Green.
La financiación CMBS, liderada por Wells Fargo Bank con la participación de importantes instituciones financieras globales, reemplaza la anterior estructura de deuda de 1,4 mil millones. La torre de oficinas de 2,3 millones de pies cuadrados y 30 pisos está actualmente ocupada en un 93%, con inquilinos de prestigio como UBS, Sony y Fidelity.
SL Green Realty Corp. (NYSE: SLG)는 맨해튼 최대의 사무실 임대주이며 파트너 PGIM과 함께 11 Madison Avenue의 14억 달러 재융자를 성공적으로 마쳤습니다. 5년 고정금리 모기오는 5.625%의 쿠폰을 가지며, SL Green 몫은 5.592%로 헤지되었습니다.
Wells Fargo Bank가 주도하고 주요 글로벌 금융기관이 참여한 CMBS 파이낸스가 기존의 14억 달러 부채 구조를 대체합니다. 230만 제곱피트 규모의 30층 오피스 타워는 현재 93%의 점유율로 UBS, Sony, Fidelity 등 명문 임차인을 보유하고 있습니다.
SL Green Realty Corp. (NYSE: SLG), le plus grand bailleur de bureaux de Manhattan, et son partenaire PGIM ont mené à bien le refinancement de 1,4 milliard de dollars pour le 11 Madison Avenue. L’emprunt à taux fixe sur cinq ans affiche un coupon de 5,625%, couvert à 5,592% pour la part de SL Green.
Le financement CMBS, dirigé par Wells Fargo Bank avec la participation d’importantes institutions financières mondiales, remplace l’ancienne structure d’endettement de 1,4 milliard. Cette tour de bureaux de 2,3 millions de pieds carrés sur 30 étages est actuellement occupée à 93%, avec des locataires de prestige tels qu’UBS, Sony et Fidelity.
SL Green Realty Corp. (NYSE: SLG), der größte Bürovermieter Manhattans, und sein Partner PGIM haben erfolgreich eine Refinanzierung über 1,4 Milliarden Dollar für 11 Madison Avenue abgeschlossen. Der fünfjährige Festzinsdarlehen hat einen Coupon von 5,625%, für SL Greens Anteil ist er auf 5,592% abgesichert.
Die CMBS-Finanzierung, geleitet von Wells Fargo Bank mit Beteiligung bedeutender globaler Finanzinstitute, ersetzt die bisherige Schuldenstruktur über 1,4 Milliarden. Das 30-geschossige Bürogebäude mit 2,3 Millionen Quadratfuß Fläche ist derzeit zu 93% vermietet, mit namhaften Mietern wie UBS, Sony und Fidelity.
SL Green Realty Corp. (NYSE: SLG)، أكبر مُؤجِّر للمكاتب في مانهاتن، وشريكها PGIM اكتملا بنجاح إعادة تمويل بقيمة 1,4 مليار دولار لمبنى 11 Madison Avenue. الرهن العقاري لمدة خمس سنوات بفائدة ثابتة带 كوبون 5,625%، مغطّى إلى 5,592% لحصة SL Green.
التمويل CMBS، بقيادة Wells Fargo Bank وبمشاركة مؤسسات مالية عالمية كبرى، يحل محل هيكل الدين السابق بقيمة 1,4 مليار. البرج المكتبي المكون من 2,3 مليون قدم مربع و 30 طابقاً مُشغّل حالياً بنسبة 93%، بمستأجرين مرموقين مثل UBS وSony وFidelity.
SL Green Realty Corp. (NYSE: SLG)，曼哈顿最大的办公楼房东，与合作伙伴 PGIM 已成功完成对 11 Madison Avenue 的 14 亿美元再融资。五年期固定利率抵押贷款的票面利率为 5.625%，SL Green 部分对冲后为 5.592%。
由 Wells Fargo Bank 主导、全球主要金融机构参与的 CMBS 融资，取代了之前的 14 亿美元债务结构。这座 230 万平方英尺、30 层的办公大楼目前租用率为 93%，知名租户包括 UBS、Sony 和 Fidelity。
- None.
- Higher interest rate compared to previous financing structure
- Significant debt level maintained in challenging office market environment
Insights
SL Green's $1.4B refinancing of 11 Madison showcases strong lender confidence in premium Manhattan office assets despite broader market challenges.
SL Green and PGIM have successfully executed a
First, the deal structure is noteworthy. The CMBS financing replaces an identical
The lender syndicate composition is particularly telling - Wells Fargo led with participation from major financial institutions including J.P. Morgan, Bank of America, Goldman Sachs, Deutsche Bank, and BMO. This breadth of institutional involvement signals strong appetite for premium Manhattan office assets despite broader market uncertainty.
The property fundamentals support this confidence:
What makes this refinancing especially significant is its timing and terms amid the challenging office market environment. Management specifically noted this was "one of the most successful CMBS executions in years" - suggesting they secured favorable pricing relative to current market benchmarks for office properties. This demonstrates SL Green's strong banking relationships and the enduring institutional appeal of trophy Manhattan assets despite remote work headwinds affecting the broader office sector.
NEW YORK, Sept. 22, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, together with its joint venture partner, PGIM, today announced that it has completed a
The new mortgage replaces the previous
“This loan execution underscores our deep relationships with the lending community and the enduring strength of premier office assets,” said Harrison Sitomer, Chief Investment Officer at SL Green. “The strong demand from global institutional bond investors resulted in one of the most successful CMBS executions in years, which is reflective of the exceptional quality of 11 Madison Avenue and the confidence investors continue to place in our platform.”
“This refinancing reflects the strength of New York’s office market when it comes to Class A, well-located assets that continue to attract tenants and capital,” said Joanna Mulford, Managing Director and Senior Portfolio Manager of PGIM’s real estate business. “We are pleased that our sponsorship along with the strength of the asset and partnership generated what we view as one of the most favorable executions for office debt today.”
11 Madison Avenue is a 2.3 million-square-foot, 30-story office tower located on a full block between Park Avenue South and Madison Avenue, and 24th and 25th Streets. The building is adjacent to Madison Square Park with close proximity to the surrounding neighborhood’s many restaurants and upscale shopping. It is currently
Tom Traynor, Tom Rugg and Henry Fenmore of CBRE and Jordan Roeschlaub, Nick Scribani and John Caraviello of Newmark advised SL Green and PGIM on the transaction. Michael Werner, Charles Roper Jr., Loren Naftali and Molly Diamondstein of Fried Frank represented SL Green and PGIM on the transaction.
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 June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.
Forward Looking Statement
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