SL Green Signs 93,000-Square-Foot Expansion Lease With IBM at One Madison Avenue
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, has announced a significant expansion lease with IBM at One Madison Avenue. The 92,663-square-foot, 15-year lease encompasses the entire 7th floor, bringing IBM's total footprint at the property to 362,092 square feet.
The expansion brings the building's occupancy to 72% leased. This follows SL Green's strong portfolio-wide leasing performance in 2024, during which the company signed 188 leases covering 3,607,924 square feet. The company currently maintains an active pipeline of prospective leases exceeding 875,000 square feet.
SL Green Realty Corp. (NYSE: SLG), il più grande proprietario di uffici di Manhattan, ha annunciato un'importante locazione di espansione con IBM presso One Madison Avenue. Il contratto di locazione di 92.663 piedi quadrati per 15 anni copre l'intero settimo piano, portando l'area totale occupata da IBM nel edificio a 362.092 piedi quadrati.
L'espansione porta l'occupazione dell'edificio a 72% affittato. Questo segue le forti performance di locazione a livello di portfolio da parte di SL Green nel 2024, durante il quale l'azienda ha firmato 188 contratti di locazione per un totale di 3.607.924 piedi quadrati. Attualmente, l'azienda mantiene un attivo portafoglio di locazioni potenziali che supera i 875.000 piedi quadrati.
SL Green Realty Corp. (NYSE: SLG), el mayor arrendador de oficinas de Manhattan, ha anunciado un importante contrato de expansión con IBM en One Madison Avenue. El contrato de arrendamiento de 92,663 pies cuadrados y 15 años abarca todo el séptimo piso, llevando la huella total de IBM en la propiedad a 362,092 pies cuadrados.
La expansión eleva la ocupación del edificio al 72% arrendado. Esto sigue el sólido desempeño de arrendamiento de SL Green durante 2024, cuando la empresa firmó 188 contratos de arrendamiento que cubren 3,607,924 pies cuadrados. Actualmente, la empresa mantiene un pipeline activo de arrendamientos potenciales que supera los 875,000 pies cuadrados.
SL Green Realty Corp. (NYSE: SLG), 맨해튼의 최대 사무실 임대업체가 IBM과 One Madison Avenue에서의 중요한 확장 임대 계약을 발표했습니다. 15년 동안 92,663 제곱피트 규모의 임대 계약은 7층 전체를 포함하며, IBM의 이 건물에서의 총 면적을 362,092 제곱피트로 확대합니다.
이 확장으로 건물의 점유율은 72% 임대 중으로 증가했습니다. 이는 2024년 동안 SL Green이 3,607,924 제곱피트를 포함한 188개의 임대 계약을 체결하며 전반적인 포트폴리오 성과를 보여준 이후의 일입니다. 현재 회사는 875,000 제곱피트를 초과하는 잠재적 임대 계약의 활발한 파이프라인을 유지하고 있습니다.
SL Green Realty Corp. (NYSE: SLG), le plus grand propriétaire de bureaux de Manhattan, a annoncé un important contrat de location d'extension avec IBM au One Madison Avenue. Le contrat de location de 92 663 pieds carrés pour une durée de 15 ans couvre l'ensemble du septième étage, portant la surface totale occupée par IBM dans le bâtiment à 362 092 pieds carrés.
Avec cette extension, le taux d'occupation du bâtiment atteint 72% loué. Cela fait suite à la forte performance de location de SL Green sur l'ensemble du portefeuille en 2024, période durant laquelle l'entreprise a signé 188 baux couvrant 3 607 924 pieds carrés. L'entreprise dispose actuellement d'un portefeuille actif de baux potentiels dépassant 875 000 pieds carrés.
SL Green Realty Corp. (NYSE: SLG), der größte Büromieter in Manhattan, hat einen bedeutenden Erweiterungsmietvertrag mit IBM am One Madison Avenue angekündigt. Der 92.663 Quadratfuß große Mietvertrag über 15 Jahre umfasst die gesamte 7. Etage und erhöht die gesamte Flächennutzung von IBM in der Immobilie auf 362.092 Quadratfuß.
Die Erweiterung bringt die Auslastung des Gebäudes auf 72% vermietet. Dies folgt auf die starke Vermietungsleistung von SL Green im Jahr 2024, in dem das Unternehmen 188 Mietverträge über insgesamt 3.607.924 Quadratfuß unterzeichnete. Das Unternehmen hält derzeit ein aktives Potenzial von Mietverträgen von über 875.000 Quadratfuß.
- Secured 92,663 sq ft expansion lease with IBM for 15 years
- Building occupancy increased to 72%
- Strong 2024 leasing performance with 188 leases totaling 3.6M sq ft
- Active pipeline of over 875,000 sq ft of prospective leases
- 28% of One Madison Avenue remains unleased
Insights
The expansion lease with IBM marks a significant win for SL Green in the evolving Manhattan office market landscape. The
This transaction is particularly noteworthy given the current market dynamics. With Manhattan office vacancy rates still elevated post-pandemic, securing a major expansion from a blue-chip tenant like IBM provides strong validation of One Madison Avenue's premium positioning. The building's
The deal's broader context is equally important - SL Green's portfolio-wide leasing of 3.6 million square feet in 2024 through 188 leases, combined with an active pipeline exceeding 875,000 square feet, signals robust demand for their properties. For investors, this leasing momentum suggests improving cash flow stability and potential NOI growth. IBM's expansion also indicates that major tech companies continue to value premium Manhattan office space, despite hybrid work trends.
One Madison Avenue's success in attracting and retaining high-quality tenants reflects SL Green's strategic focus on developing and operating trophy assets in prime locations. The long-term nature of IBM's commitment provides predictable income streams and strengthens SL Green's market position as Manhattan's largest office landlord.
NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has signed a 92,663-square-foot expansion lease with IBM at One Madison Avenue, increasing IBM’s total footprint at the property to 362,092 square feet. The 15-year lease covers the entire 7th floor and brings the building to
“We are delighted to expand our valued partnership with IBM and support their continued growth and expansion in New York City,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “IBM’s commitment to One Madison Avenue is a testament to the desirability for best-in-class work environments by forward looking tenants.”
“The expansion of IBM’s flagship office at One Madison Avenue reaffirms a long-standing commitment to advance the technology sector in New York City and New York State, with a vibrant and collaborative workspace designed to bring employees, clients and partners together from around the world,” said Joanne Wright, IBM Senior Vice President for Transformation and Operations.
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
IBM was represented by Patrick Murphy and Winston Schromm of Jones Lang LaSalle. SL Green 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, 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.
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.
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