SL Green Reaches 100% Leased at the Transformative One Madison Avenue, Projects Record-Breaking First Quarter Office Leasing Across Portfolio
Rhea-AI Summary
SL Green (NYSE:SLG) announced that One Madison Avenue is now 100% leased after Harvey AI expanded by 92,663 sq ft, bringing Harvey AI's total footprint to 185,326 sq ft. SL Green reported 832,135 sq ft leased in the first 65 days of 2026 across 44 leases and expects > 900,000 sq ft leased by quarter-end.
The company highlighted on-time, on-budget adaptive reuse, rents above underwriting, a portfolio pipeline > 800,000 sq ft, and a projection that two-thirds of its office portfolio will reach ~98% leased occupancy by end of 2026.
Positive
- One Madison 100% leased after 92,663 sq ft Harvey AI expansion
- 832,135 sq ft leased in first 65 days across 44 leases
- Company expects > 900,000 sq ft leased by end of Q1 2026
- Pipeline of > 800,000 sq ft available for future leasing
- Harvey AI now occupies 185,326 sq ft at One Madison
Negative
- None.
News Market Reaction – SLG
On the day this news was published, SLG gained 1.01%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SLG fell 2.52% with peers also negative (e.g., KRC -2.13%, VNO -3.16%, CUZ -0.85%), but no peers appeared in the momentum scanner and no same-day peer news was flagged, pointing to a stock-specific reaction to the leasing update rather than a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 02 | Leadership changes | Positive | +2.0% | Promotion to President/CIO and extensions of key executives’ contracts. |
| Mar 02 | Leasing update | Positive | +2.0% | Reported 32 office leases totaling 491,098 sq ft and strong pipeline. |
| Mar 02 | Asset sale | Positive | +2.0% | Sale of 690 Madison Avenue for $54.5M reflecting demand for flagship retail. |
| Feb 09 | Conference participation | Neutral | -1.2% | Management participation in Citi’s Global Property CEO Conference roundtable. |
| Jan 28 | Earnings report | Negative | +2.3% | Q4 2025 net loss but positive FFO, higher occupancy and a major acquisition. |
Recent SLG news has often seen modest positive price reactions, even around mixed fundamentals, with leasing and capital recycling updates generally aligning with upticks, while one earnings report with a net loss saw shares rise, indicating occasional divergence from headline fundamentals.
Over the last few months, SL Green has reported several notable milestones. Leadership changes and contract extensions on Mar 2, 2026 coincided with a 2.01% gain. The company highlighted strong leasing momentum of 491,098 sq ft and a >1.0M sq ft pipeline, plus the $54.5M sale of 690 Madison Avenue, each followed by similar gains. Earlier, participation at Citi’s property CEO conference saw a modest -1.21% move, while Q4 2025 results with a $104.6M net loss but solid FFO and 93.0% Manhattan occupancy preceded a 2.25% rise. Today’s record One Madison leasing update extends that leasing-focused narrative.
Market Pulse Summary
This announcement highlights that SL Green’s One Madison Avenue reached 100% office leasing, driven by Harvey AI’s expansion to 185,326 sq ft, and positions the company for a record first quarter with over 900,000 sq ft of leasing. Combined with a pipeline above 800,000 sq ft, it reinforces management’s focus on premier Manhattan assets. Investors may watch how this momentum translates into occupancy, cash flow, and portfolio-wide leased levels through 2026.
Key Terms
adaptive reuse technical
class-a office technical
hvac technical
AI-generated analysis. Not financial advice.
Harvey AI’s 93,000 square foot expansion cements remarkable success of One Madison, puts Company on track for highest first quarter of leasing in its 28-Year history at more than 900,000 square feet
NEW YORK, March 09, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today put an exclamation point on a potentially record-breaking first quarter by leasing the remaining office space at One Madison Avenue to Harvey AI with a 92,663 square foot expansion.
The completion of office leasing cements a remarkable story at One Madison Avenue, a transformational adaptive reuse with construction and lease-up completed on time and budget, at rents exceeding initial underwriting. Building on the Company’s groundbreaking success at One Vanderbilt – also
The Harvey AI lease comes on the heels of recent significant lease signings at 11 Madison Avenue and 245 Park Avenue, and brings the Company’s office leasing in the first 65 days of the year to 832,135 square feet across 44 leases signed, including more than 344,000 square feet of expansions, while maintaining a pipeline of over 800,000 square feet.
The Company now expects to end the first quarter with over 900,000 square feet of office leasing, the highest volume ever achieved during the first quarter in its 28-year history, and projects that more than two-thirds of its office portfolio will have a weighted average leased occupancy of
“Our incredible first quarter – likely the best in our entire history – has been driven by large, long-term commitments from sophisticated companies, the ultimate response to the false narrative that AI is shrinking the workforce in New York City,” said Marc Holliday, Chairman and CEO, SL Green. “This momentum makes clear that New York City will be a net beneficiary of growth in Tech and AI, continuing to attract leading companies that employ top level talent that is not easily replaced with computers, and benefitting from increased productivity and innovation.”
One Madison Avenue is the most ambitious adaptive reuse project in New York City, uniquely located overlooking Madison Square Park. Exemplifying the innovation needed to create 21st-century office spaces while preserving historical context, SL Green and KPF transformed the existing nine-story podium into a flexible Class-A office in support of a new 550,000 square foot tower above. One Madison’s tenant roster includes global technology, AI and financial services firms such as IBM, Franklin Templeton Companies, Palo Alto Networks, FanDuel Group and Sigma Computing.
One Madison Avenue’s prominence reflects its position as the preeminent example of a future-forward workplace with elevated wellness-driven amenities. It includes state-of-the-art HVAC that circulates
“One Madison is the perfect manifestation of our platform, meeting the market demand for beautifully designed, innovatively amenitized and expertly managed trophy office space,” added Steven Durels, SL Green’s Director of Leasing and Real Property. “It’s no wonder the building has proven to be a magnet for leading financial and tech firms alike, and Harvey AI’s expansion is the ultimate endorsement of our future-forward product.”
Harvey AI, a domain-specific AI for legal and professional services, will now occupy a total of 185,326 square feet at the building.
Harvey AI was represented in the transaction by Joseph Messina and Todd Stracci of Jones Lang LaSalle. The landlord was represented by Paul Glickman, Alex Chudnoff, Ben Bass, and Diana Biasotti of Jones Lang LaSalle.
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 December 31, 2025, SL Green held interests in 56 buildings totaling 31.4 million square feet. This included ownership interests in 28.0 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments, excluding fund 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.
PRESS CONTACT
slgreen@berlinrosen.com
SLG–LEAS
FAQ
What does SLG’s announcement on March 9, 2026 say about One Madison Avenue occupancy?
How much office space did SLG lease in the first 65 days of 2026 (SLG)?
What is Harvey AI’s total footprint at One Madison after the expansion (SLG)?
What Q1 leasing milestone does SLG expect for 2026 after the One Madison deal?
How will SLG’s portfolio occupancy change by the end of 2026 according to the announcement (SLG)?
