SL Green Realty leases 64,077 square feet at One Madison Avenue to Sigma Computing, now 78.1% leased.
Quiver AI Summary
SL Green Realty Corp., Manhattan's largest office landlord, has announced a new lease with Sigma Computing, Inc. for 64,077 square feet at One Madison Avenue, increasing the building's occupancy to 78.1%. In 2025, SL Green has signed office leases totaling over 1.26 million square feet and has a pipeline of around 1 million square feet of available space. One Madison Avenue features state-of-the-art amenities and a wellness-focused environment, including a fresh air HVAC system and abundant natural light. The building is home to notable tenants like IBM and Coinbase. SL Green continues to focus on maximizing the value of its Manhattan properties, with interests in 53 buildings totaling over 30 million square feet.
Potential Positives
- SL Green Realty Corp. secured a substantial 64,077 square foot lease with Sigma Computing, increasing the occupancy of One Madison Avenue to 78.1% leased.
- In 2025, SL Green has signed leases totaling over 1.26 million square feet, showcasing strong leasing activity in the competitive Manhattan office market.
- The press release highlights One Madison Avenue as a premier adaptive reuse project with industry-leading amenities, enhancing its attractiveness to potential tenants.
- The announcement underscores ongoing interest and leasing momentum in Midtown South, indicating a positive outlook for the property and the surrounding market.
Potential Negatives
- Despite signing a significant new lease, the property remains only 78.1% leased, indicating potential ongoing challenges in filling remaining vacancies.
- The press release heavily emphasizes forward-looking statements, which can highlight the company's uncertainty regarding future performance, potentially undermining investor confidence.
- The mention of risks and uncertainties affecting the forward-looking statements could signal to stakeholders that the company may face significant challenges ahead, impacting its overall stability and growth prospects.
FAQ
What is the significance of the new lease with Sigma Computing?
The new lease adds 64,077 square feet to One Madison Avenue, increasing occupancy to 78.1% and demonstrating strong leasing momentum.
Who else is a tenant at One Madison Avenue?
Current tenants include IBM, Franklin Templeton, Coinbase, Flutter Entertainment, and Palo Alto Networks among others.
What amenities does One Madison Avenue offer?
The building features a state-of-the-art HVAC system, massive windows, event space, tenant-only lounge, and upscale dining options.
How much office space has SL Green leased in 2025?
So far in 2025, SL Green has signed Manhattan office leases totaling 1,260,707 square feet.
Who represented Sigma Computing in this lease agreement?
The tenant, Sigma Computing, was represented by Brent Ozarowski of Newmark during the lease negotiation.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SLG Insider Trading Activity
$SLG insiders have traded $SLG stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $SLG stock by insiders over the last 6 months:
- CRAIG M HATKOFF sold 3,455 shares for an estimated $229,066
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SLG Hedge Fund Activity
We have seen 149 institutional investors add shares of $SLG stock to their portfolio, and 174 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- DEUTSCHE BANK AG\ removed 1,981,565 shares (-86.9%) from their portfolio in Q1 2025, for an estimated $114,336,300
- WELLINGTON MANAGEMENT GROUP LLP removed 919,077 shares (-31.8%) from their portfolio in Q1 2025, for an estimated $53,030,742
- HEITMAN REAL ESTATE SECURITIES LLC added 586,524 shares (+inf%) to their portfolio in Q1 2025, for an estimated $33,842,434
- WATERFRONT CAPITAL PARTNERS, LLC added 469,109 shares (+inf%) to their portfolio in Q1 2025, for an estimated $27,067,589
- BLACKROCK, INC. removed 451,310 shares (-3.4%) from their portfolio in Q1 2025, for an estimated $26,040,587
- HUDSON BAY CAPITAL MANAGEMENT LP added 412,125 shares (+154.3%) to their portfolio in Q1 2025, for an estimated $23,779,612
- RUSSELL INVESTMENTS GROUP, LTD. removed 390,722 shares (-54.3%) from their portfolio in Q1 2025, for an estimated $22,544,659
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$SLG Analyst Ratings
Wall Street analysts have issued reports on $SLG in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Piper Sandler issued a "Overweight" rating on 04/21/2025
- Evercore ISI Group issued a "Outperform" rating on 03/17/2025
To track analyst ratings and price targets for $SLG, check out Quiver Quantitative's $SLG forecast page.
$SLG Price Targets
Multiple analysts have issued price targets for $SLG recently. We have seen 10 analysts offer price targets for $SLG in the last 6 months, with a median target of $64.5.
Here are some recent targets:
- Nicholas Yulico from Scotiabank set a target price of $71.0 on 07/14/2025
- Anthony Paolone from JP Morgan set a target price of $69.0 on 07/09/2025
- Blaine Heck from Wells Fargo set a target price of $58.0 on 05/19/2025
- Anthony Powell from Barclays set a target price of $60.0 on 04/30/2025
- Michael Lewis from Truist Securities set a target price of $54.0 on 04/23/2025
- Alexander Goldfarb from Piper Sandler set a target price of $72.0 on 04/21/2025
- Peter Abramowitz from Jefferies set a target price of $58.0 on 03/17/2025
Full Release
NEW YORK, July 16, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced it has signed a new 64,077 square foot lease with Sigma Computing, Inc. for a portion of the 3 rd floor at One Madison Avenue, bringing the property to 78.1% leased. To date in 2025, SL Green has signed Manhattan office leases totaling 1,260,707 square feet, while maintaining a current pipeline of approximately 1.0 million square feet.
“We’re excited to welcome Sigma Computing to One Madison Avenue where they join a sterling tenant roster that includes IBM, Franklin Templeton, Coinbase, Flutter Entertainment and Palo Alto Networks,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green . “Midtown South leasing momentum has accelerated and we are encouraged by advanced discussions covering a significant portion of the remaining available space at the property.”
Designed by renowned architect Kohn Pedersen Fox, One Madison Avenue is the most ambitious adaptive reuse project in New York City, uniquely located overlooking Madison Square Park. One Madison Avenue offers industry-leading amenities and a wellness-focused work environment, designed to enhance productivity and well-being. The building’s innovative features include a state-of-the-art HVAC system that circulates 100% fresh air, massive floor-to-ceiling windows offering abundant natural daylight together with amenities such as Le Jardin Sur Madison, a spectacular one-of-a-kind event space and rooftop garden, and La Tête d’Or by Daniel, Chef Daniel Boulud’s latest upscale culinary offering, The Commons, a 7,000 square foot tenant-only lounge, Chelsea Piers Fitness and a curated retail program which features unique food and beverage offerings such as Sweetgreen, Alidoro, Joji Box, Los Tacos No. 1 and Delicious Hospitality.
The tenant was represented by Brent Ozarowski of Newmark. The landlord was represented by Paul Glickman, Alex Chudnoff, Ben Bass and Diana Biasotti of JLL.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.
Forward Looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
Press Contact
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