SL Green’s Office Leasing Volume Reaches 2.3 Million Square Feet
Rhea-AI Summary
SL Green Realty (NYSE: SLG) reported that it has signed 2.3 million square feet of Manhattan office leases year-to-date in 2025 and maintains a current pipeline of approximately 1.2 million square feet. The company says this leasing pace puts its Manhattan same-store office occupancy on track to meet a 2025 target of 93.2%. Notable Q4 2025 leases include a 92,663 sq ft expansion at One Madison Avenue, a 9-year, 49,865 sq ft renewal/expansion with Wells Fargo at 280 Park Avenue, a 10-year, 39,799 sq ft new lease with Moroccanoil at 1185 Avenue of the Americas, a 9.5-year, 37,224 sq ft expansion with Houlihan Lokey at 245 Park Avenue, and a 10-year, 26,977 sq ft renewal at 800 Third Avenue.
SL Green commented that tenant demand remains robust and availability is declining heading into next year.
Positive
- Leased 2.3M sq ft in Manhattan YTD 2025
- Pipeline of ~1.2M sq ft available for leasing
- On track to meet 93.2% 2025 same-store occupancy target
- Signed multi-year leases with Wells Fargo (9 years, 49,865 sq ft)
- Notable 10-year new lease: Moroccanoil 39,799 sq ft
Negative
- 2025 occupancy target remains unmet as of Dec 5, 2025
Key Figures
Market Reality Check
Peers on Argus
SLG declined 3.98% while key office REIT peers like CUZ, DEI, CDP and VNO were down between about 0.77% and 1.61%, and KRC gained 0.82%, suggesting more stock-specific pressure than a uniform sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 19 | Dividend declaration | Positive | -1.4% | Maintained monthly dividend of $0.2575 and $3.09 annualized payout. |
| Oct 17 | Dividend declaration | Positive | -2.3% | Announced monthly cash dividend of $0.2575 per share for shareholders. |
| Oct 15 | Earnings and leasing | Positive | +2.0% | Reported Q3 EPS, FFO, strong leasing and plan to lift occupancy to 93.2%. |
| Oct 15 | Leasing update | Positive | +2.0% | Disclosed 1.9M+ sq ft of 2025 Manhattan leases and over 1.0M sq ft pipeline. |
| Oct 15 | Major acquisition | Positive | +2.0% | Agreed to acquire Park Avenue Tower for $730M with low submarket vacancy. |
Recent positive operating and acquisition updates tended to see modestly positive price reactions, while routine dividend declarations saw small negative moves, indicating some divergence on income-focused news.
Over the past few months, SL Green has combined income stability with active portfolio moves. Dividend announcements on Oct 17 and Nov 19 maintained a $0.2575 monthly payout and $3.09 annualized rate but coincided with mild price declines. On Oct 15, Q3 results showed net income of $24.9M and FFO of $1.58 per share, alongside strong leasing and a plan to lift occupancy to 93.2%. The same day, SLG highlighted 1.9M+ sq ft of leasing and a $730M Park Avenue Tower acquisition, both followed by positive price reactions, similar in nature to today’s leasing-focused update.
Market Pulse Summary
This announcement underscores continued leasing momentum, with 2.3 million sq ft of Manhattan office leases signed in 2025, a 1.2 million sq ft pipeline, and a same-store occupancy target of 93.2%. Compared with prior updates highlighting robust Midtown demand and strategic acquisitions, it reinforces SL Green’s focus on stabilizing key assets. Investors can monitor future occupancy disclosures, lease terms at flagship properties like One Madison and 245 Park, and upcoming financial filings to gauge how this activity translates into cash flow and balance sheet trends.
AI-generated analysis. Not financial advice.
Office Portfolio on Track to Meet Year-End Occupancy Objective
NEW YORK, Dec. 05, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that the company has signed Manhattan office leases totaling 2.3 million square feet to date in 2025, while maintaining a current pipeline of approximately 1.2 million square feet. This leasing velocity places the company on a trajectory to meet its 2025 Manhattan same-store office occupancy target of
Notable leases signed to date in the fourth quarter of 2025 include:
- A financial services company has signed a lease expansion covering 92,663 square feet on the entire 5th floor at One Madison Avenue. This increases the tenant’s total commitment in the building to 159,871 square feet. The tenant was represented by Todd Stracci of Jones Land LaSalle, and the landlord was represented by Paul Glickman, Ben Bass, Alex Chudnoff and Diana Biasotti of Jones Lang LaSalle.
- Wells Fargo Bank has signed a 9-year renewal and expansion lease covering 49,865 square feet on floors 27-29 at 280 Park Avenue. The tenant was represented by Neil Goldmacher of Newmark, and the landlord was represented by Peter Turchin, Greg Rothkin, Jason Pollen and Hannah Gerard of CBRE.
- Moroccanoil has signed a 10-year new lease covering 39,799 square feet on the entire 33rd and partial 32nd floors at 1185 Avenue of the Americas. The tenant was represented by Deborah Van Der Heyden, Yarden Drimmer, Tamar Wartanian and Andrew Chase of Cushman & Wakefield, and the landlord was represented by Brian Waterman, John Fanuzzi, Brent Ozarowski, David Waterman and Kevin Sullivan of Newmark.
- Houlihan Lokey signed a 9.5-year expansion lease covering 37,224 square feet on the entire 22nd floor at 245 Park Avenue. This increases the tenant’s total commitment in the building to 221,656 square feet. The tenant was represented by Mark Weiss and Travis Boothe of Cushman & Wakefield, and the landlord was represented by Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce and Pierce Hance of Cushman & Wakefield.
- Hinshaw & Culbertson signed a 10-year renewal lease covering 26,977 square feet on the entire 13th and partial 12th floors at 800 Third Avenue. The tenant was represented John Mambrino and Patton Mooney of Savills, and the landlord was represented by Richard Teichman of Joseph P. Day Realty Corporation.
“We’re proud to have each of these tenants within the SL Green portfolio,” said Steven Durels, SL Green’s Executive Vice President, Director of Leasing and Real Property. “Tenant demand remains robust, and availability is rapidly declining which will lead to a strong start to next year.”
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.
PRESS CONTACT
slgreen@berlinrosen.com
SLG–LEAS
FAQ
How much Manhattan office space has SLG leased in 2025 (NYSE: SLG)?
What is SLG's Manhattan occupancy target for 2025 and is it on track?
How large is SLG's leasing pipeline as of Dec 5, 2025?
Which notable Q4 2025 leases did SLG announce on Dec 5, 2025?
What does SLG say about tenant demand and availability heading into 2026?
