SL Green Signs Office Leases Totaling 490,000 Square Feet During the First Two Months of 2026
Rhea-AI Summary
SL Green Realty (NYSE: SLG) signed 32 Manhattan office leases totaling 491,098 square feet during January–February 2026 and reports a current leasing pipeline of more than 1.0 million square feet. Key leases include a 150,036-sq-ft, 10-year lease at 245 Park Avenue and TD Securities’ 51,081-sq-ft expansion at 125 Park Avenue.
Management said rents are rising and concessions are tightening as Midtown Manhattan vacancy declines.
Positive
- 491,098 sq ft leased in first two months of 2026
- Leasing pipeline >1.0 million sq ft
- 150,036 sq ft 10-year lease signed at 245 Park Avenue
- TD Securities expanded to 181,447 sq ft total commitment at 125 Park Avenue
- Multiple long-term leases (10–16 years) signed, indicating tenant commitment
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
SLG fell 6.28% while key office REIT peers like CUZ (-2.69%), KRC (-5.42%), DEI (-4.4%), CDP (-1.18%) and VNO (-4.3%) also traded lower, but the momentum scanner did not flag a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 09 | Conference participation | Neutral | -1.2% | Management participation in Citi’s Global Property CEO Conference roundtable. |
| Jan 28 | Earnings update | Neutral | +2.3% | Reported Q4 and 2025 net losses with FFO and high Manhattan occupancy. |
| Jan 27 | Annual meeting date | Neutral | +0.0% | Announced date and record date for 2026 annual stockholder meeting. |
| Jan 15 | Property acquisition | Neutral | +1.1% | Closed <b>$730.0M</b> Park Avenue Tower acquisition with new CMBS financing. |
| Jan 06 | Joint venture deal | Neutral | +2.6% | Formed JV via sale of 49% interest in 100 Park Avenue at <b>$425.0M</b> value. |
Recent SLG headlines have generally produced modest single-day reactions, with neutral-to-mixed news (earnings, acquisitions, conferences) followed by relatively small price moves, suggesting limited but consistent sensitivity to corporate updates.
Over the last few months, SLG reported a $104.6 million Q4 2025 net loss and full-year net loss of $111.9 million, alongside solid FFO and 93.0% Manhattan occupancy. It closed the $730.0 million Park Avenue Tower acquisition and formed a joint venture on 100 Park Avenue valued at $425.0 million. Conference participation and annual meeting scheduling rounded out activity. Today’s leasing news fits a narrative of active capital recycling and portfolio leasing in Midtown Manhattan.
Market Pulse Summary
This announcement highlights SLG’s leasing momentum, with 32 Manhattan office leases totaling 491,098 sq ft signed early in 2026 and a pipeline above 1.0 million sq ft. It follows recent activity including a $730.0 million acquisition and a $425.0 million joint venture on key Midtown assets. Investors may focus on how rising rents, tightening concessions, and high occupancy interact with prior net losses, financing costs, and upcoming leasing milestones.
AI-generated analysis. Not financial advice.
NEW YORK, March 02, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that the company has signed 32 Manhattan office leases totaling 491,098 square feet in just the first two months of 2026, while maintaining a current pipeline of more than 1.0 million square feet.
Notable leases signed year-to-date include:
- A large global investment firm signed a new 10-year lease for 150,036 square feet on the entire 23rd through 26th floors at 245 Park Avenue. The lease represents expansion space for the tenant, which was represented by Evan Margolin, Joseph Messina, Gregory Lubar, Steve Spartin and Jessica Berkey at Jones Lang LaSalle. The landlord was represented by Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce and Pierce Hance of Cushman & Wakefield.
- TD Securities signed a 10-year expansion lease for 51,081 square feet on the entire 21st and 22nd floors at 125 Park Avenue. This increases TD’s total commitment in the building to 181,447 square feet. The tenant was represented by Ryan Alexander, Matthew Saker and Nichole Marshall at CBRE. The landlord was represented by Brian Waterman, David Falk, Peter Shimkin and Daniel Levine of Newmark.
- One Main General Services Corp signed a new 10-year lease for 38,037 square feet on the entire 35th and partial 36th floors at 1185 Avenue of the Americas. The tenant was represented by Matt Felice, Gilbert Ohls, Granson Graham of Jones Lang LaSalle. The landlord was represented by Brian Waterman, John Fanuzzi, Brent Ozarowski, David Waterman and Kevin Sullivan of Newmark.
- McDermott, Will & Schulte signed a 16-year expansion lease for 29,734 square feet on the entire 48th floor at One Vanderbilt Avenue. This increases the tenant’s total commitment in the building to approximately 200,000 square feet. The landlord was represented by its in-house leasing team.
- UHY Advisors Northeast, Inc. signed a new 11-year lease for 27,508 square feet on the entire 9th floor at 1185 Avenue of the Americas. The tenant was represented by Silvio Petrillo and Tamika Kramer of CBRE. The landlord was represented by Brian Waterman, John Fanuzzi, Brent Ozarowski, David Waterman and Kevin Sullivan of Newmark.
- Turner & Townsend signed a new 12-year lease for 24,394 square feet on the entire 6th floor at 100 Park Avenue. The tenant was represented by Mary Ann Tighe, Stephen Enyon and Alessia Lawson of CBRE. The landlord was represented by Harry Blair, Barry Zeller, Justin Royce and Pierce Hance of Cushman & Wakefield.
“Tenant demand remains strong for the best buildings in the best locations as a majority of tenants continue to expand their office requirements,” said Steven Durels, SL Green’s Executive Vice President, Director of Leasing and Real Property. “Rents are rising and concessions are beginning to tighten as market vacancy moves lower across Midtown Manhattan.”
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.
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 office space did SLG (NYSE: SLG) lease in January–February 2026?
What is SLG's reported leasing pipeline size as of March 2, 2026?
Which large lease did SLG announce at 245 Park Avenue in early 2026?
What change did TD Securities make at 125 Park Avenue reported by SLG?
Do the leases SLG announced include long-term commitments?
What did SLG say about rents and concessions in Midtown Manhattan on March 2, 2026?
