SL Green Announces Acquisition of 346 Madison Avenue

Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [5] - As of June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet, including 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments [5] Acquisition Details - SL Green has entered into a contract to purchase 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million, with the transaction expected to close in the fourth quarter of 2025 [1][2] - The acquisition represents a strategic opportunity to create a new office building on a prominent development site in Midtown East, accommodating approximately 800,000 rentable square feet due to East Midtown rezoning [3] Market Positioning - The properties are located near One Vanderbilt, in a strong office market, allowing SL Green to pursue a world-class new office development [2] - There is robust tenant demand for new construction that features modern amenities, column-free floors, and healthy workplace infrastructure, making this site a prime opportunity to meet that demand [3]