SL Green Realty Corp Signs 98,000-Square-Foot Office Lease at 11 Madison Avenue

SL Green Realty Corp has signed a 98,000-square-foot office lease at 11 Madison Avenue in Manhattan, the company announced July 22, 2026. The tenant was not named in the announcement. The deal pushes SL Green's year-to-date 2026 leasing volume across its portfolio to approximately 1.5 million square feet.

Deal Details at 11 Madison Avenue

The leased space is located at 11 Madison Avenue, a roughly 2.3 million-square-foot Class A office tower situated at the northeast corner of Madison Avenue and East 24th Street, fronting Madison Square Park in Manhattan's Flatiron District. The property has historically served as a major hub for large financial institutions, including Credit Suisse and Metropolitan Life, and is considered a trophy asset in the Midtown South submarket.

At approximately 98,000 square feet, the transaction represents one of the larger single office leasing deals recorded in Manhattan in recent months. Large-block transactions — those exceeding 50,000 square feet — have become less frequent across the borough, making near-100,000-square-foot deals notable data points for the market. Financial terms of the lease, including rental rate and lease term, were undisclosed.

SL Green's 2026 Leasing Momentum

SL Green Realty Corp, a Manhattan-focused office real estate investment trust, has concentrated its portfolio on Class A and trophy assets including One Vanderbilt, 280 Park Avenue, and 11 Madison Avenue. The company has emphasized a flight-to-quality strategy, positioning modern, amenitized, and well-located buildings as the primary beneficiaries of active tenant demand in a bifurcated market.

The 11 Madison Avenue lease is part of a broader leasing push that has brought SL Green's 2026 volume to approximately 1.5 million square feet, according to the firm's announcement. That figure reflects continued execution on large-block leasing and renewals concentrated in the company's higher-quality holdings.

SL Green has marketed 11 Madison Avenue as a large-floorplate, highly amenitized environment appealing to finance, technology, and professional services tenants seeking Midtown South positioning and proximity to Madison Square Park. The building's scale — with individual floors that can exceed 40,000 square feet — makes it one of the few Manhattan properties capable of accommodating tenants requiring contiguous blocks of space at this size.

Manhattan Office Market Context

The lease comes against a backdrop of elevated overall vacancy across Manhattan's office market, where availability rates remain in the mid-teens on a percentage basis, with shadow space pushing effective availability higher. Midtown South has fared somewhat better than broader Midtown on headline vacancy metrics, though the submarket has not been immune to the effects of hybrid work adoption and pullbacks by technology sector tenants.

Active tenants across Manhattan have concentrated their demand on modern, repositioned, and well-amenitized buildings — a dynamic that has widened the performance gap between trophy assets and older commodity stock. Buildings that have invested in lobby renovations, tenant amenity programming, and sustainability upgrades have captured a disproportionate share of leasing activity, while older, unrenovated properties have faced double-digit vacancy and significant rent discounts.

For SL Green, executing a near-100,000-square-foot lease at 11 Madison Avenue supports the property's occupancy and weighted average lease term, both of which are key inputs to asset valuation and refinancing considerations. Like other New York City office REITs, SL Green has navigated a period of cap-rate expansion and asset value pressure since the post-pandemic reset, and management has responded with asset sales, joint ventures, and a focus on stabilizing and leasing up core holdings.

About 11 Madison Avenue and SL Green Realty Corp

11 Madison Avenue was originally developed as part of the broader MetLife campus in the early 20th century and has been substantially modernized over time. SL Green Realty Corp is the operating partner at the property. SL Green is headquartered in New York and focuses its investment and operating activity on Manhattan office properties.

Sources

SL Green Realty Corp via GlobeNewswire, July 22, 2026