Core Insights - The transaction represents the largest US office CMBS issuance in the past 12 months, with SL Green Realty Corp. announcing a $1.65 billion refinancing of One Madison Avenue [1] - The financing was priced at an interest rate of 5.81%, with a spread of 181 basis points above the US treasury index [1] - The refinancing replaces a previous $1.25 billion construction facility, with an outstanding balance of $1.171 billion [1] Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [6] - As of December 31, 2025, SL Green held interests in 56 buildings totaling 31.4 million square feet, including 28.0 million square feet of Manhattan buildings [6] Property Details - One Madison Avenue is fully leased, hosting tenants from global technology, AI, and financial services sectors, including IBM and Franklin Templeton [2] - The property features innovative design elements and wellness-driven amenities, such as state-of-the-art HVAC systems and a rooftop garden [4] Market Context - The transaction was significantly oversubscribed, indicating strong investor demand for high-quality office assets despite market volatility [3] - SL Green's financing and refinancing activities in 2026 have exceeded $4.5 billion, contributing to a larger $7.0 billion financing plan for the year [3]

Core Insights - SL Green Realty Corp. has successfully completed a $1.4 billion refinancing of 11 Madison Avenue, with a fixed-rate mortgage carrying a coupon of 5.625% [1][2] - The refinancing replaces the previous debt structure, which included a senior mortgage of $1.075 billion and mezzanine loans totaling $325 million [2] - The transaction was supported by major financial institutions, indicating strong demand for high-quality office assets [1][3] 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 and managing commercial properties [5] - As of June 30, 2025, the company held interests in 53 buildings totaling 30.7 million square feet, with a significant portion located in Manhattan [5] Property Details - 11 Madison Avenue is a 2.3 million-square-foot, 30-story office tower, currently 93% occupied, featuring prestigious tenants such as UBS, Sony, and Fidelity [3] - The building is strategically located near Madison Square Park, enhancing its appeal to tenants and investors alike [3]