SL Green Secures 64K Square Feet New Lease at One Madison Avenue

SL Green Realty Corp. SLG recently announced the signing of a new lease with Sigma Computing, Inc. for 64,077 square feet on a portion of the 3rd floor at One Madison Avenue, resulting in the property being 78.1% leased.

Since the beginning of the year through July 16, 2025, SL Green has signed Manhattan office leases aggregating 1,260,707 square feet, while maintaining a current pipeline of around 1 million square feet.

Per 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.”

One Madison Avenue is recognized as the most ambitious adaptive reuse project in New York City, strategically located with a view of Madison Square Park. The place provides top-tier amenities and a wellness-centric work environment, aimed at boosting productivity and well-being.

SL Green: In a Nutshell

SL Green has a mono-market strategy focus with an enviable footprint in the large and high-barrier-to-entry New York real estate market. The high demand for premium office spaces has been propelling SLG’s leasing momentum. Moreover, with long-term leases to tenants with strong credit profiles, SL Green is well-poised to generate stable rental revenues over the long term.

In the second quarter of 2025, the company signed 46 office leases in its Manhattan office portfolio totaling 541,721 square feet. Notably, during the second quarter, the company signed a new lease with Pinterest, Inc. for 82,812 square feet at Eleven Madison Avenue.

In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 22% compared with the industry's rise of 3.2%.

Stocks to Consider

Some better-ranked stocks from the broader REIT sector include Digital Realty Trust DLR and Cousins Properties CUZ, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for DLR’s 2025 FFO per share has moved a cent northward to $7.04 over the past week.

The Zacks Consensus Estimate for CUZ’s 2025 FFO per share has moved a cent northward to $2.80 over the past two months.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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