SL Green Signs 144,000 Square Foot Renewal and Expansion Lease with Newmark at 125 Park Avenue
Rhea-AI Summary
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, has secured a significant lease agreement at 125 Park Avenue. The company announced a fifteen-year, 144,418 square foot renewal and expansion lease with Newmark & Company Real Estate, bringing Newmark's total footprint to 184,239 square feet.
The deal contributes to SL Green's strong leasing performance in 2025, with Manhattan office leases totaling 455,008 square feet and a current pipeline of approximately 975,000 square feet. The property, which is now over 99% leased, is undergoing improvements including a new lobby design and restoration of the building's entrance to its original design.
125 Park Avenue, designated as a New York City landmark for its contribution to Midtown East, is strategically located across from Grand Central Terminal.
Positive
- 15-year lease renewal and expansion secured with Newmark (144,418 sq ft)
- Building occupancy rate exceeds 99%
- Strong 2025 leasing activity with 455,008 sq ft signed
- Robust pipeline of ~975,000 sq ft in Manhattan
Negative
- None.
News Market Reaction – SLG
In the trading session that priced this news, SLG declined 2.73%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced it has signed a fifteen-year, 144,418 square foot renewal and expansion lease with Newmark & Company Real Estate, Inc. at 125 Park Avenue, increasing Newmark’s current footprint to 184,239 square feet. To date in 2025, SL Green has signed Manhattan office leases totaling 455,008 square feet, while maintaining a current pipeline of approximately 975,000 square feet.
“We are pleased to extend our valued relationship with Newmark,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property at SL Green, who added “this is another example of the continued strength of the midtown Manhattan office market, which is showing significant tenant demand for high quality space near Grand Central Terminal.”
125 Park Avenue is over
The tenant was represented by Jason Perla, Brian Waterman, David Waterman and Matthew Schreiner of Newmark.
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, 2024, SL Green held interests in 54 buildings totaling 30.6 million square feet. This included ownership interests in 27.0 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
SLG – GEN
PRESS CONTACT
slgreen@berlinrosen.com
