- SL Green completed 129 Manhattan office leases totaling 1.76 million square feet through September 14, 2026, with rents averaging 15.8% above prior escalated rates.
- Major deals span One Vanderbilt, 245 Park Avenue, 450 Park Avenue and 304 Park Avenue South, including expansions from law firm Greenberg Traurig and IMG Worldwide.
- The REIT’s active leasing pipeline has grown past 1 million square feet, positioning it for continued occupancy and rent gains through year-end.
SL Green Realty Corp., Manhattan’s largest office landlord, has signed nearly 1.8 million square feet of office leases so far in 2026, according to citybiz. The New York-based REIT completed 129 leases totaling 1,760,649 square feet through September 14, with rents on those deals averaging 15.8% above the fully escalated rents previously paid for the same spaces. The results offer one of the clearer signals yet that Manhattan’s flight-to-quality office demand hasn’t cooled, even as owners of older, lower-amenity buildings continue to struggle for traction.
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Where the Deals Are Landing
The leasing activity is concentrated at several of SL Green’s flagship Manhattan towers. These include One Vanderbilt Avenue, 245 Park Avenue, 450 Park Avenue, and 304 Park Avenue South.
Two of those buildings, One Vanderbilt and 245 Park Avenue, are now fully leased. That points to continued tenant demand for the REIT’s premier assets, even as the broader office market remains uneven.
The deals include new leases, renewals, and expansions. Together, they show occupancy gains and continued rental-rate growth across SL Green’s portfolio.
The Details
Law firm Greenberg Traurig expanded at One Vanderbilt Avenue. The firm signed a 10.5-year, 33,477-square-foot lease for the entire 33rd floor.
The deal brings its total commitment in the building to 133,365 square feet. CBRE’s Michael Monahan and Mark Ravesloot represented the tenant.
At 245 Park Avenue, Nearwater Management signed a new eight-year lease. The deal covers 37,563 square feet across the entire 28th floor.
The lease brought the tower to full occupancy. Jones Lang LaSalle’s Alexander Chudnoff and Harrison Potter represented the tenant. A Cushman & Wakefield team led by Bruce Mosler represented the landlord.
Investment firm Oceansound Partners took 32,032 square feet across three floors at 450 Park Avenue. The firm signed a five-year term arranged by Savills’ John Johnson.
IMG Worldwide also renewed 90,202 square feet at 304 Park Avenue South. The five-year deal included Newmark as the tenant’s representative.
SL Green’s active leasing pipeline has also grown to more than 1 million square feet. That gives the REIT visibility into additional occupancy gains.
Zooming Out
The leasing pace tracks a broader rebound in Manhattan office activity this year. Tenants are increasingly committing to full floors and longer terms at trophy and near-trophy buildings.
This trend has also appeared in law firm office leasing. The sector set records earlier this year.
Firms such as Greenberg Traurig are locking in space for the long term. That pattern also appears in SL Green’s recent multi-floor and multi-year deals.
Why It Matters
The 15.8% positive mark-to-market is the headline figure for SL Green. It means the REIT is replacing expiring leases at higher rents than tenants previously paid.
That trend supports both occupancy and rental income growth across its 30.6-million-square-foot portfolio.
“Strong leasing momentum continues unabated with many tenants expanding and making significant capital investment to provide upscale work environments to better recruit and retain employee talent,” said Steven Durels, SL Green’s executive vice president and director of leasing.
The results also reinforce the flight-to-quality trend reshaping Manhattan’s office market. Owners of lower-tier buildings are adding amenities to stay competitive.
What’s Next
SL Green has more than 1 million square feet of active leases in its pipeline. That gives the REIT a base for continued leasing activity through year-end.
However, the company cautions that prospective deals are not guaranteed to close.
As of June 30, SL Green held interests in 54 buildings totaling 30.6 million square feet. Its ownership interests covered 29.2 million square feet.
Another 1.4 million square feet secured debt and preferred equity investments. SL Green also managed roughly 900,000 additional square feet for third-party owners.
That gives the company a broad base from which to build on its recent leasing gains.
