NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $1.6 billion in CMBS debt for the refinancing of One Madison Avenue, an office property in Manhattan’s Flatiron District.
One Madison Avenue overlooks Madison Square Park and combines a restored historic podium with a newly constructed, 550,000-square-foot tower. The property was fully leased at the time of the loan closing to tenants such as IBM, Franklin Templeton Cos., Palo Alto Networks, FanDuel Group, Sigma Computing and Harvey AI.
Amenities at the property include Le Jardin Sur Madison, an event space and rooftop garden; La Tête d’Or by Daniel, an upscale culinary offering from Chef Daniel Boulud; and The Commons, a 7,000-square-foot tenant-only lounge. Retail offerings include a 56,000-square-foot Chelsea Piers Fitness along with a collection of fast-casual eateries.
Jordan Roeschlaub, Nick Scribani and Ricky Braha of Newmark arranged the five-year, fixed-rate financing, which was priced at a spread of 181 basis points over the U.S. Treasury index, resulting in an all-in interest rate of 5.81 percent. The debt replaces a prior $1.25 billion construction facility. Wells Fargo Bank NA led the financing execution, with participation from Goldman Sachs, J.P. Morgan, Bank of America, Deutsche Bank and Crédit Agricole.
“The strong investor demand for this transaction underscores the depth of liquidity available for high-quality office assets, even amid periods of market volatility,” says 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 billion financing plan for the year, which will strengthen our balance sheet and extend our debt maturity profile.”
SL Green is Manhattan’s largest office landlord. As of Dec. 31, the REIT held interests in 56 buildings totaling 31.4 million square feet. The company’s stock price opened at $36.94 per share Wednesday, April 1, down from $57.98 per share one year ago, a 36 percent decrease.
— Kristin Harlow and Taylor Williams