SL Green to Strengthen Portfolio With Acquisition of 346 Madison Avenue

Core Insights - SL Green (SLG) has entered into a contract to acquire 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160 million, with the deal expected to close in Q4 of this year [1][7] - The acquisition presents a strategic opportunity to develop approximately 800,000 rentable square feet in line with East Midtown rezoning, catering to strong tenant demand for new construction with advanced amenities [2][7] - The properties are located near One Vanderbilt, positioning SL Green to pursue a world-class office development in a prime market [3] Company Strategy - This acquisition underscores SL Green's commitment to acquiring assets in key markets to capture profitable growth opportunities and meet tenant needs [4] - Despite market challenges, SL Green's leasing successes have positioned it as a standout in the office real estate sector, although its shares have dropped 7.1% in the past three months compared to the industry's growth of 0.3% [4]