SL Green Hits Full Occupancy at One Madison Avenue with Harvey AI Expansion
Event summary
- SL Green achieved 100% occupancy at One Madison Avenue with a 92,663 square foot expansion lease from Harvey AI.
- The deal marks the completion of leasing for the transformative adaptive reuse project, which exceeded initial rental underwriting.
- SL Green projects record-breaking first-quarter office leasing of over 900,000 square feet across 44 leases, with 344,000 square feet of expansions.
- By year-end 2026, over two-thirds of SL Green's office portfolio is expected to have a weighted average leased occupancy of 98% or more.
- One Madison Avenue features high-profile tenants including IBM, Franklin Templeton, and Palo Alto Networks.
The big picture
SL Green's full occupancy at One Madison Avenue underscores the resilience of Manhattan's office market, particularly for trophy properties with premium amenities. The deal with Harvey AI, along with strong first-quarter leasing activity, challenges narratives about AI-driven office space contraction. The project's success highlights the strategic value of adaptive reuse and high-end tenant amenities in attracting and retaining major corporate tenants. With over 900,000 square feet of leasing projected for Q1 2026, SL Green is positioning itself as a leader in the evolving office real estate landscape.
What we're watching
- Tenant Demand
- How sustained AI and tech sector growth will affect long-term lease commitments in Manhattan.
- Adaptive Reuse
- Whether SL Green's successful transformation of One Madison Avenue can be replicated in other properties.
- Market Dynamics
- The pace at which other landlords adopt similar high-amenity, wellness-focused office designs.
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