SL Green Realty Corp. has leased every square foot of 245 Park Avenue, one of its Midtown Manhattan towers, and pushed its 2026 Manhattan office leasing to 1,760,649 square feet across 129 leases.
The company disclosed the figures in a Sept. 14 announcement. Rents on those leases were struck 15.8% above the previous fully escalated rents on the same space, and the landlord said its current leasing pipeline has grown to more than 1.0 million square feet.
SL Green describes itself as Manhattan’s largest office landlord. As of June 30 it held interests in 54 buildings totaling 30.6 million square feet, of which 29.2 million was owned, and managed another 0.9 million square feet for third parties.
Four leases, two full buildings
The release detailed four signings. The largest was IMG Worldwide LLC’s five-year renewal of 90,202 square feet at 304 Park Avenue South. Nearwater Management LLC took 37,563 square feet on the 28th floor of 245 Park Avenue for eight years, which the company said brought that building to 100% leased.
Greenberg Traurig LLP added 33,477 square feet on the 33rd floor of One Vanderbilt Avenue under a 10.5-year expansion, lifting its total commitment in the tower to 133,365 square feet. SL Green said One Vanderbilt “remains 100% leased.” Oceansound Partners LP signed a five-year lease for 32,032 square feet across floors 8, 22 and 23 at 450 Park Avenue.
“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, executive vice president and director of leasing and real property at SL Green.
Volume is running ahead; pricing power has eased slightly
The year-to-date total marks a step up from midyear. In its second-quarter results on July 22, SL Green reported 104 Manhattan office leases covering 1,374,425 square feet in the first six months, at a mark-to-market 16.6% above prior escalated rents. Comparing the two disclosures, 25 leases totaling 386,224 square feet have been signed since July 1, and the blended premium over prior rents has slipped from 16.6% to 15.8% β which means the space signed in the third quarter to date priced below the first-half average, by RealtyWire’s calculation of the two figures. The company did not comment on the change.
That is a narrow observation inside an otherwise strong trend. Occupancy in the company’s Manhattan same-store office portfolio stood at 94.7% at June 30, including leases signed but not yet commenced, against a stated target of 95.0% by Dec. 31. SL Green also raised its 2026 funds-from-operations guidance in July to $5.60 to $5.90 a share from $4.40 to $4.70, attributing $0.80 per share of the midpoint increase to income recognition at One Vanderbilt Avenue and $0.40 to higher property net operating income.
The update arrived a day before SL Green is scheduled to present at the BofA Securities 2026 Global Real Estate Conference on Sept. 15, a date the company announced on Aug. 25.
A wider Manhattan office recovery
The leasing figures fit a market that has been tightening for most of the year at the top end. Manhattan office leasing volume jumped 28% in July, led by Midtown South, according to brokerage Colliers, and Vornado Realty Trust pointed to climbing rents when it bought into the $1.1 billion Park Avenue Plaza over the summer. Tenant expansions have also drawn outside capital into Midtown, including Capital Group’s $38 million expansion and the 200 jobs attached to it.
What the Sept. 14 disclosure adds is the composition of the demand. Of the four leases detailed, one is a renewal, one an expansion and two are new leases β and the renewal, IMG’s 90,202 square feet, is the largest of the group. The two buildings the release identifies as fully leased, 245 Park Avenue and One Vanderbilt Avenue, are both large Midtown towers; SL Green did not provide building-level figures for the rest of the portfolio, and the 94.7% same-store occupancy reported in July is the broader measure to watch against the 95.0% year-end target.
The company reports third-quarter results after the market closes on Oct. 21. More on office fundamentals is in RealtyWire’s Commercial Real Estate section.
