SL Green’s One Madison Avenue Wins 2026 ULI Award for Office Development

Event summary

  • One Madison Avenue, a redeveloped office tower by SL Green, won the 2026 ULI Award for Excellence in Office Development.
  • The project, completed in December 2024, is 100% leased with tenants including IBM and Palo Alto Networks.
  • The redevelopment retained 67% of the original structure, achieving over a 60% reduction in energy use.
  • SL Green secured a $1.65 billion refinancing for the asset, reflecting strong institutional confidence.

The big picture

SL Green’s win underscores the growing demand for high-quality, sustainable office spaces in Manhattan. The project’s success, marked by full occupancy and strong refinancing, reflects broader trends in adaptive reuse and tenant experience-driven development. As office markets evolve, SL Green’s ability to balance historical preservation with modern design will be key to its competitive positioning.

What we're watching

Sustainability Leadership
Whether SL Green can maintain its sustainability edge as New York City’s emissions regulations tighten.
Tenant Retention
How the high lease rates and premium amenities at One Madison Avenue will affect tenant retention.
Adaptive Reuse
The pace at which SL Green can replicate the success of One Madison Avenue with its next project, 346 Madison.