SL Green Realty Corp. Announces Major Expansion Lease with IBM at One Madison Avenue
New York, NY, January 22, 2025 – SL Green Realty Corp. (SLG), the city’s leading office landlord, has made headlines with the announcement of a significant expansion lease with IBM at One Madison Avenue. The tech giant will now occupy a total of 362,092 square feet at the iconic Midtown Manhattan property.
IBM’s Growing Presence at One Madison Avenue
The new lease, which covers the entire 7th floor, represents a 27% increase in IBM’s existing footprint at One Madison Avenue. This expansion is a testament to the company’s commitment to maintaining a strong presence in the heart of New York City’s business district.
SL Green’s Portfolio-Wide Leasing Momentum
The IBM lease follows a successful 2024 for SL Green, with a total of 188 leases signed across its portfolio, amounting to 3,607,924 square feet. The company’s impressive leasing activity brought One Madison Avenue to 72% occupancy.
A Look Ahead: SL Green’s Active Pipeline
SL Green’s leasing success extends beyond the IBM deal, with an active pipeline of prospective leases totaling over 875,000 square feet. The company is poised for another year of growth and continued commitment to providing premier office space in Manhattan.
Impact on Individual Tenants and the Business Community
For individual tenants, the SL Green-IBM deal signifies a strong economy and a thriving business community in Manhattan. The continued success of SL Green in attracting and retaining major corporations like IBM reinforces the desirability of Manhattan’s commercial real estate market.
Global Implications
On a broader scale, the IBM lease and SL Green’s overall leasing momentum contribute to New York City’s position as a global business hub. The city’s ability to attract and retain major corporations like IBM not only boosts the local economy but also strengthens its appeal to businesses and investors worldwide.
Conclusion
SL Green Realty Corp.’s announcement of a 92,663-square-foot expansion lease with IBM at One Madison Avenue marks a significant milestone in the company’s history and underscores the strength of Manhattan’s commercial real estate market. With a successful 2024 leasing season and a robust pipeline of prospective leases, SL Green is poised for continued growth and commitment to providing premier office space in the heart of New York City. The deal’s impact extends beyond Manhattan, contributing to New York City’s reputation as a global business hub and reinforcing the desirability of its commercial real estate market.
