SL Green Realty sells 690 Madison Avenue for $54.5 million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 02 2026
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Should l Buy SLG?
Source: Newsfilter
SL Green Realty Corp. shares rose 5.02% as the stock reached a 5-day high.
The company successfully closed the sale of 690 Madison Avenue for $54.5 million, in partnership with Wharton Properties, reflecting strong demand in Manhattan's high-end retail market. This transaction, along with the promotion of Harrison Sitomer to President, underscores SL Green's commitment to internal talent development and its strong position in the premium property market. Additionally, the company signed office leases totaling 491,098 square feet in early 2026, indicating robust demand for high-quality buildings.
These developments suggest that SL Green is well-positioned for continued success in a competitive market, with strong leasing activity and a focus on premium assets.
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Analyst Views on SLG
Wall Street analysts forecast SLG stock price to rise
15 Analyst Rating
5 Buy
9 Hold
1 Sell
Moderate Buy
Current: 38.570
Low
42.00
Averages
54.40
High
66.00
Current: 38.570
Low
42.00
Averages
54.40
High
66.00
About SLG
SL Green Realty Corp. is a fully integrated real estate investment trust. The Company is engaged in the ownership, management, operation, acquisition, development, redevelopment, and repositioning of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally Manhattan. Its segments include real estate, debt and preferred equity investments, and SUMMIT. Its primary business objective is to maximize the total return to stockholders, through dividends, earnings, and asset value appreciation. The Company holds interests in 54 buildings totaling 30.6 million square feet. This included ownership interests in 27.0 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. Its properties include 1185 Avenue of the Americas, 810 Seventh Avenue, 711 Third Avenue, and 555 West 57th Street, 1350 Avenue of the Americas, and 10 East 53rd Street.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SL Green Realty Signs Historic Lease Expansion
- Record Leasing Performance: SL Green Realty's signing of a 92,663 square foot lease with Harvey AI at One Madison Avenue brings total leasing for Q1 2026 to 832,135 square feet, marking the highest leasing volume in the company's 28-year history, reflecting strong market demand and the company's leadership in the premium office sector.
- Successful Project Transformation: The timely completion of leasing at One Madison Avenue, which exceeded initial rental expectations, showcases SL Green's innovative capabilities in adaptive reuse projects, further solidifying its market position in Manhattan.
- Attraction of High-End Clients: The building's tenant roster includes top global technology and financial services firms such as IBM and Franklin Templeton, with Harvey AI's expansion underscoring One Madison Avenue's status as a model for future office spaces that meet the demand for high-quality work environments.
- Optimistic Future Outlook: SL Green anticipates that by the end of 2026, over two-thirds of its office portfolio will achieve a weighted average leased occupancy of 98% or more, indicating success in attracting long-term tenants and signaling continued growth and profitability ahead.
See More
SL Green Promotes CIO to President and Updates Leasing Activity
- Executive Promotion: SL Green has promoted Harrison Sitomer from Chief Investment Officer to President, highlighting the company's commitment to nurturing internal talent as Sitomer has progressed from intern to various investment roles since joining the firm.
- Property Sale: The company, in partnership with Wharton Properties, completed the sale of 690 Madison Avenue for $54.5 million, underscoring the ongoing demand for flagship locations occupied by high-end retail users, thereby reinforcing SL Green's position in the premium property market.
- Leasing Activity: In the first two months of 2026, SL Green signed office leases totaling 491,098 square feet, indicating strong demand for high-quality buildings, with rising rents and decreasing vacancy rates supporting future revenue growth for the company.
- Market Dynamics: Although the current leasing total is about 64% of the 766,783 square feet signed in Q4 2025, the sustained activity level suggests that SL Green remains attractive in a competitive market, positioning itself well for ongoing success.
See More
SL Green Realty Sells 690 Madison Avenue for $54.5 Million
- Transaction Overview: SL Green Realty Corp. and its joint venture partner, Wharton Properties, have successfully closed the sale of 690 Madison Avenue for $54.5 million, highlighting strong demand in Manhattan's high-end retail market.
- Asset Details: The property is a five-story, 7,850-square-foot commercial building located on the Upper East Side, fully leased to the French luxury jewelry brand Van Cleef & Arpels, ensuring stable rental income.
- Market Trends: Harrison Sitomer, SL Green's Chief Investment Officer, noted that the transaction reflects ongoing demand for flagship locations occupied by high-end retail users, indicating confidence in the market for premium assets.
- Company Background: As of December 31, 2025, SL Green held interests in 56 buildings totaling 31.4 million square feet, focusing on acquiring and managing Manhattan commercial properties, showcasing its leadership in the real estate investment trust (REIT) sector.
See More
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- Market Resilience: Despite market pressures from AI concerns, Real Estate Investment Trusts (REITs) have risen over 8% year-to-date, indicating their resilience in uncertain environments and potentially attracting more investor interest.
- Interest Rate Benefits: BMO analysts predict a likely decrease in interest rates, which would benefit REIT earnings growth, enhance capitalization rates, and improve dividend attractiveness, thus providing better return prospects for investors.
- Data Center Potential: Although data centers performed poorly last year, BMO anticipates a 17% total return for this sector in 2026, driven by increased demand from AI infrastructure spending, with Equinix highlighted as a top pick in this area.
- Senior Housing Demand: With an aging population, Welltower stands out in senior housing REITs, expected to benefit from growing demand, and its leading position in AI applications is likely to further drive business growth.
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Dividend Stocks Favored Amid Market Turbulence
- Attraction of Dividend Stocks: During turbulent and uncertain market conditions, many investors are turning to dividend-yielding stocks, which typically have high free cash flows and reward shareholders with substantial dividends, highlighting their defensive characteristics in unstable markets.
- Real Estate Sector Performance: Analyst ratings for three high-yielding real estate stocks indicate a growing interest in these equities, particularly as economic uncertainty increases, leading investors to prefer stable income sources.
- Analyst Ratings: Brandywine Realty Trust (NYSE: BDN), Park Hotels & Resorts Inc (NYSE: PK), and SL Green Realty Corp (NYSE: SLG) are currently recommended high-yield stocks by analysts, reflecting market confidence in these companies.
- Investor Strategy Adjustment: As market volatility intensifies, investors may reassess their portfolios to increase allocations to dividend stocks in search of stable cash flows and risk hedging, further driving demand for these equities.
See More
SL Green Appears Undervalued, Yet Mamdani's Tax Proposal Poses a Risk
- Stock Valuation: Shares of SL Green Realty, a major player in Manhattan's office market, are perceived as undervalued.
- Dividend Yield Risk: The company's 7.8% dividend yield comes with associated risks that investors need to consider.
See More
SL Green Realty Signs Historic Lease Expansion
- Record Leasing Performance: SL Green Realty's signing of a 92,663 square foot lease with Harvey AI at One Madison Avenue brings total leasing for Q1 2026 to 832,135 square feet, marking the highest leasing volume in the company's 28-year history, reflecting strong market demand and the company's leadership in the premium office sector.
- Successful Project Transformation: The timely completion of leasing at One Madison Avenue, which exceeded initial rental expectations, showcases SL Green's innovative capabilities in adaptive reuse projects, further solidifying its market position in Manhattan.
- Attraction of High-End Clients: The building's tenant roster includes top global technology and financial services firms such as IBM and Franklin Templeton, with Harvey AI's expansion underscoring One Madison Avenue's status as a model for future office spaces that meet the demand for high-quality work environments.
- Optimistic Future Outlook: SL Green anticipates that by the end of 2026, over two-thirds of its office portfolio will achieve a weighted average leased occupancy of 98% or more, indicating success in attracting long-term tenants and signaling continued growth and profitability ahead.
See More
SL Green Promotes CIO to President and Updates Leasing Activity
- Executive Promotion: SL Green has promoted Harrison Sitomer from Chief Investment Officer to President, highlighting the company's commitment to nurturing internal talent as Sitomer has progressed from intern to various investment roles since joining the firm.
- Property Sale: The company, in partnership with Wharton Properties, completed the sale of 690 Madison Avenue for $54.5 million, underscoring the ongoing demand for flagship locations occupied by high-end retail users, thereby reinforcing SL Green's position in the premium property market.
- Leasing Activity: In the first two months of 2026, SL Green signed office leases totaling 491,098 square feet, indicating strong demand for high-quality buildings, with rising rents and decreasing vacancy rates supporting future revenue growth for the company.
- Market Dynamics: Although the current leasing total is about 64% of the 766,783 square feet signed in Q4 2025, the sustained activity level suggests that SL Green remains attractive in a competitive market, positioning itself well for ongoing success.
See More
SL Green Realty Sells 690 Madison Avenue for $54.5 Million
- Transaction Overview: SL Green Realty Corp. and its joint venture partner, Wharton Properties, have successfully closed the sale of 690 Madison Avenue for $54.5 million, highlighting strong demand in Manhattan's high-end retail market.
- Asset Details: The property is a five-story, 7,850-square-foot commercial building located on the Upper East Side, fully leased to the French luxury jewelry brand Van Cleef & Arpels, ensuring stable rental income.
- Market Trends: Harrison Sitomer, SL Green's Chief Investment Officer, noted that the transaction reflects ongoing demand for flagship locations occupied by high-end retail users, indicating confidence in the market for premium assets.
- Company Background: As of December 31, 2025, SL Green held interests in 56 buildings totaling 31.4 million square feet, focusing on acquiring and managing Manhattan commercial properties, showcasing its leadership in the real estate investment trust (REIT) sector.
See More
Real Estate Investment Trusts Poised for Recovery Amid AI Concerns
- Market Resilience: Despite market pressures from AI concerns, Real Estate Investment Trusts (REITs) have risen over 8% year-to-date, indicating their resilience in uncertain environments and potentially attracting more investor interest.
- Interest Rate Benefits: BMO analysts predict a likely decrease in interest rates, which would benefit REIT earnings growth, enhance capitalization rates, and improve dividend attractiveness, thus providing better return prospects for investors.
- Data Center Potential: Although data centers performed poorly last year, BMO anticipates a 17% total return for this sector in 2026, driven by increased demand from AI infrastructure spending, with Equinix highlighted as a top pick in this area.
- Senior Housing Demand: With an aging population, Welltower stands out in senior housing REITs, expected to benefit from growing demand, and its leading position in AI applications is likely to further drive business growth.
See More
Dividend Stocks Favored Amid Market Turbulence
- Attraction of Dividend Stocks: During turbulent and uncertain market conditions, many investors are turning to dividend-yielding stocks, which typically have high free cash flows and reward shareholders with substantial dividends, highlighting their defensive characteristics in unstable markets.
- Real Estate Sector Performance: Analyst ratings for three high-yielding real estate stocks indicate a growing interest in these equities, particularly as economic uncertainty increases, leading investors to prefer stable income sources.
- Analyst Ratings: Brandywine Realty Trust (NYSE: BDN), Park Hotels & Resorts Inc (NYSE: PK), and SL Green Realty Corp (NYSE: SLG) are currently recommended high-yield stocks by analysts, reflecting market confidence in these companies.
- Investor Strategy Adjustment: As market volatility intensifies, investors may reassess their portfolios to increase allocations to dividend stocks in search of stable cash flows and risk hedging, further driving demand for these equities.
See More
SL Green Appears Undervalued, Yet Mamdani's Tax Proposal Poses a Risk
- Stock Valuation: Shares of SL Green Realty, a major player in Manhattan's office market, are perceived as undervalued.
- Dividend Yield Risk: The company's 7.8% dividend yield comes with associated risks that investors need to consider.
See More
