Transaction Marks the Largest US Office CMBS Issuance in the Past 12 Months
NEW YORK, March 25, 2026 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, and its partners today announced a $1.65 billion refinancing of One Madison Avenue. The five-year, fixed rate financing was priced at a spread of 181 basis points above the US treasury index, resulting in an interest rate of 5.81%. The single asset, single borrower (SASB) CMBS execution was agented by a consortium of world class institutions led by Wells Fargo Bank, N.A., with participation from Goldman Sachs, J.P. Morgan, Bank of America, Deutsche Bank and Crédit Agricole. The new financing, which is expected to close in the first quarter of 2026, replaces the property’s previous $1.25 billion construction facility with a current outstanding balance of $1.171 billion.
One Madison Avenue is 100% leased with a tenant roster that includes global technology, AI and financial services firms such as IBM, Franklin Templeton Companies, Palo Alto Networks, FanDuel Group, Sigma Computing and Harvey AI.
“The strong investor demand for this transaction underscores the depth of liquidity available for high-quality office assets, even amid periods of market volatility. The transaction was significantly oversubscribed, with all classes nearly clearing year-to-date tights and executing inside current secondary spreads for several comparable New York City office SASB transactions,” said Harrison Sitomer, President and Chief Investment Officer of SL Green. “This transaction brings us to more than $4.5 billion of financing and refinancing activity to date in 2026 in furtherance of our larger $7.0 billion financing plan for the year, which will strengthen our balance sheet and extend our debt maturity profile.”
One Madison Avenue is the most ambitious adaptive reuse project in New York City, uniquely located overlooking Madison Square Park. Exemplifying the innovation needed to create 21st-century office spaces while preserving historical context, SL Green and KPF transformed the existing nine-story podium into a flexible Class-A office in support of a new 550,000 square foot tower above.
One Madison Avenue’s prominence reflects its position as the preeminent example of a future-forward workplace with elevated wellness-driven amenities. It includes state-of-the-art HVAC that circulates 100% fresh air, massive floor-to-ceiling windows offering abundant natural daylight, as well as Rockwell Group designed amenities such as Le Jardin Sur Madison, a spectacular one-of-a-kind event space and rooftop garden, La Tête d’Or by Daniel, Chef Daniel Boulud’s latest upscale culinary offering, and The Commons designed by Vocon, a 7,000 square foot tenant-only lounge. Its curated retail program features a 56,000 square foot Chelsea Piers Fitness together with a collection of high-quality, fast casual eateries.
Newmark’s Jordan Roeschlaub, Nick Scribani and Ricky Braha advised SL Green on the transaction.
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 December 31, 2025, SL Green held interests in 56 buildings totaling 31.4 million square feet. This included ownership interests in 28.0 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments, excluding fund investments.
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