SL Green Secures 98,000-Square-Foot AI Tenant Lease in Midtown South — SL Green Realty Corp.

Event summary

SL Green Realty Corp. signed a 10-year lease for 98,420 square feet at 11 Madison Avenue with an AI tenant.
The deal brings SL Green's total leases in 2026 to 1,478,673 square feet, with over 900,000 square feet remaining in its pipeline.
11 Madison Avenue is now fully leased after securing additional nearly 300,000 square feet of office leases from early 2025 to other AI and technology tenants.
Adjacent One Madison Avenue, introduced approximately 1.4 million square feet of new office inventory, is also fully leased with industry-leading AI and technology tenants.

The big picture

SL Green's latest lease underscores the robust demand for premium office space in Midtown South, particularly from AI and technology tenants. The full occupancy of both 11 Madison Avenue and One Madison Avenue highlights the strategic advantage of SL Green's concentrated portfolio in this high-growth submarket. With over 1.4 million square feet of new inventory introduced in 2025 alone, the company is well-positioned to capitalize on the tech-driven office space recovery.

What we're watching

AI Tenant Demand: How sustained AI tenant demand will affect SL Green's leasing pipeline and property valuations in Midtown South.
Market Saturation: Whether the rapid absorption of new office inventory at One Madison Avenue can be maintained without rental price corrections.
Leasing Velocity: The pace at which SL Green can convert its remaining 900,000-square-foot pipeline into signed leases amid competitive market conditions.