SL Green Secures Leases & Announces Series of Transactions

SL Green Realty Corp. SLG announced the signing of Manhattan office leases totaling 2.3 million square feet so far in 2025, with an additional 1.2 million square feet currently in the pipeline. This strong leasing activity positions the company to achieve its 2025 Manhattan same-store office occupancy target of 93.2%.To date, in the fourth quarter of 2025, several major lease deals have been completed. A financial services company expanded its lease by adding 92,663 square feet, taking over the entire 5th floor at One Madison Avenue. This brings its total space in the building to 159,871 square feet. In another deal, Wells Fargo Bank renewed and expanded its lease for nine years, covering 49,865 square feet across floors 27 to 29 at 280 Park Avenue.Moroccanoil signed a new 10-year lease covering 39,799 square feet, taking the entire 33rd floor and part of the 32nd floor at 1185 Avenue of the Americas. Houlihan Lokey expanded its space with a 9.5-year lease for 37,224 square feet on the entire 22nd floor at 245 Park Avenue, bringing its total area in the building to 221,656 square feet. Meanwhile, Hinshaw & Culbertson renewed its lease for another 10 years, covering 26,977 square feet across the full 13th floor and part of the 12th floor at 800 Third Avenue.Series of Transactions at 800 Third AvenueSL Green announced that it has completed the acquisition of its joint venture partners’ combined 39.48% interest in 800 Third Avenue for total cash consideration of $5.1 million. SL Green now holds 100% ownership in the asset. The company also modified and extended the property’s existing $177 million mortgage.These modifications have extended the maturity date from February 2026 to February 2031, inclusive of all available extension options. The interest rate was maintained at 1.70% over Term SOFR, which SL Green has fixed at 5.03% from February 2026 through February 2029, covering the initial maturity period.Located between 49th and 50th Streets in Midtown Manhattan, 800 Third Avenue is a 41-story glass and steel office tower offering expansive views of Manhattan and the Hudson River. The building enjoys convenient access to Grand Central Terminal and multiple subway lines.Per Harrison Sitomer, chief investment officer of SL Green, “We continue to see strong momentum on Third Avenue, with residential conversions helping reposition the corridor for strong office sector growth.”SLG: In a SnapshotWith encouraging leases executed over the quarters, the company remains well-positioned to navigate the challenging environment. Its long-term leases with a diverse tenant base, with a strong credit profile, assure stable rental revenues.The series of transactions shows the company’s long-term outlook on well-located Midtown Manhattan properties and highlights its success in extending loan maturities on favorable terms.In the past month, shares of this Zacks Rank #4 (Sell) company have lost 15.5% against the industry's growth of 0.3%. Image Source: Zacks Investment Research Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Cousins Properties CUZ and Digital Realty Trust DLR, 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 CUZ’s 2025 FFO per share has moved a cent northward to $2.84 over the past month.The Zacks Consensus Estimate for DLR’s 2025 FFO per share has moved 15 cents upward to $7.35 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.Zacks Naming Top 10 Stocks for 2026Want to be tipped off early to our 10 top picks for the entirety of 2026? History suggests their performance could be sensational.From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%.Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2026. Don’t miss your chance to get in on these stocks when they’re released on January 5. Be First to New Top 10 Stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cousins Properties Incorporated (CUZ): Free Stock Analysis Report Digital Realty Trust, Inc. (DLR): Free Stock Analysis Report SL Green Realty Corporation (SLG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks