SL Green Signs New 64,000 Square Foot Lease with Sigma Computing at One Madison Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, has secured a new 64,077 square foot lease with Sigma Computing for part of the 3rd floor at One Madison Avenue. This lease brings the property's occupancy to 78.1%.

The company has demonstrated strong leasing momentum in 2025, signing Manhattan office leases totaling 1.26 million square feet, with an additional pipeline of approximately 1.0 million square feet. One Madison Avenue features premium tenants including IBM, Franklin Templeton, Coinbase, Flutter Entertainment, and Palo Alto Networks.

The property, designed by Kohn Pedersen Fox, offers state-of-the-art amenities including a modern HVAC system, Le Jardin Sur Madison event space, Daniel Boulud's La Tête d'Or restaurant, The Commons tenant lounge, Chelsea Piers Fitness, and various retail offerings.

Positive

• New 64,077 square foot lease brings One Madison Avenue to 78.1% occupancy
• Strong 2025 leasing performance with 1.26 million square feet of Manhattan office leases signed
• Robust pipeline of approximately 1.0 million square feet in advanced discussions
• Premium tenant roster including major companies like IBM, Franklin Templeton, and Coinbase

Negative

• 21.9% of One Madison Avenue space remains unleased

Insights

Commercial Real Estate Analyst

SL Green's new lease with Sigma Computing boosts One Madison Avenue to 78.1% occupancy, signaling strong Midtown South leasing momentum.

SL Green's new 64,077 square foot lease with Sigma Computing represents meaningful progress in filling their flagship One Madison Avenue property, bringing the building to 78.1% occupancy. This lease is part of SL Green's strong year-to-date performance, having secured 1.26 million square feet of Manhattan office leases in 2025 with an additional 1 million square feet in their pipeline.

The increasing occupancy at One Madison Avenue demonstrates SL Green's ability to attract quality tenants despite persistent challenges in the commercial office market. The tenant roster now includes notable companies like IBM, Franklin Templeton, Coinbase, Flutter Entertainment, and Palo Alto Networks – representing a diverse mix of established corporations and growing technology firms.

The executive's statement about accelerating leasing momentum in Midtown South and "advanced discussions covering a significant portion of the remaining available space" suggests potential for further occupancy gains in the near term. This positive leasing trajectory is particularly important as SL Green works to stabilize this ambitious adaptive reuse project.

One Madison Avenue's emphasis on wellness features, premium amenities, and sustainability elements (including 100% fresh air HVAC systems) aligns with post-pandemic tenant preferences for high-quality office environments. These differentiating factors likely contribute to the property's leasing success despite the broader market's continued adjustment to hybrid work models.

NEW YORK, July 16, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced it has signed a new 64,077 square foot lease with Sigma Computing, Inc. for a portion of the 3^rd floor at One Madison Avenue, bringing the property to 78.1% leased. To date in 2025, SL Green has signed Manhattan office leases totaling 1,260,707 square feet, while maintaining a current pipeline of approximately 1.0 million square feet.

“We’re excited to welcome Sigma Computing to One Madison Avenue where they join a sterling tenant roster that includes IBM, Franklin Templeton, Coinbase, Flutter Entertainment and Palo Alto Networks,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “Midtown South leasing momentum has accelerated and we are encouraged by advanced discussions covering a significant portion of the remaining available space at the property.”

Designed by renowned architect Kohn Pedersen Fox, One Madison Avenue is the most ambitious adaptive reuse project in New York City, uniquely located overlooking Madison Square Park. One Madison Avenue offers industry-leading amenities and a wellness-focused work environment, designed to enhance productivity and well-being. The building’s innovative features include a state-of-the-art HVAC system that circulates 100% fresh air, massive floor-to-ceiling windows offering abundant natural daylight together with amenities such as Le Jardin Sur Madison, a spectacular one-of-a-kind event space and rooftop garden, and La Tête d’Or by Daniel, Chef Daniel Boulud’s latest upscale culinary offering, The Commons, a 7,000 square foot tenant-only lounge, Chelsea Piers Fitness and a curated retail program which features unique food and beverage offerings such as Sweetgreen, Alidoro, Joji Box, Los Tacos No. 1 and Delicious Hospitality.

The tenant was represented by Brent Ozarowski of Newmark. The landlord was represented by Paul Glickman, Alex Chudnoff, Ben Bass and Diana Biasotti of JLL.

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
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 - LEASE

FAQ

What is the size of Sigma Computing's new lease at One Madison Avenue (NYSE:SLG)?

Sigma Computing signed a 64,077 square foot lease for a portion of the 3rd floor at One Madison Avenue.

What is the current occupancy rate at SL Green's One Madison Avenue in 2025?

One Madison Avenue is currently 78.1% leased following the Sigma Computing lease agreement.

How many square feet of Manhattan office leases has SL Green (NYSE:SLG) signed in 2025?

SL Green has signed 1,260,707 square feet of Manhattan office leases in 2025, with a pipeline of approximately 1.0 million square feet.

Who are the major tenants at SL Green's One Madison Avenue?

Major tenants include IBM, Franklin Templeton, Coinbase, Flutter Entertainment, Palo Alto Networks, and now Sigma Computing.

What amenities does One Madison Avenue offer to tenants?

The building features Le Jardin Sur Madison event space, La Tête d'Or by Daniel Boulud, The Commons tenant lounge, Chelsea Piers Fitness, and retail offerings including Sweetgreen, Alidoro, and Los Tacos No. 1.