SL Green Realty Corp., Manhattan’s dominant office landlord, has entered the new trading week demonstrating formidable operational and strategic momentum. The company’s latest quarterly performance shattered analyst forecasts, reporting earnings per share of $0.34 and funds from operations (FFO) of $1.58. Revenue reached $244.82 million, exceeding projections, while occupancy across its Manhattan portfolio advanced to 92.4%.

The real estate investment trust is executing a clear capital strategy through simultaneous acquisitions and selective dispositions. On October 15th, SL Green finalized a purchase agreement for Park Avenue Tower in a landmark $730 million transaction scheduled to close in the first quarter of 2026. Mere days later, the company sold an additional 5% stake in its iconic One Vanderbilt Avenue to Mori Building, realizing $86.6 million. This partial divestment values the fully-leased skyscraper at $4.7 billion, with SL Green retaining controlling interest through its 55% majority ownership.

Leasing Velocity Defies Market Headwinds

Despite challenging conditions in the broader office sector, SL Green’s leasing engine continues to perform exceptionally. Year-to-date, the company has secured nearly 2 million square feet of office leases within Manhattan—a remarkable achievement in the current environment. With an additional 1 million square feet in active negotiations, the robust pipeline signals sustained demand for premium office space. Management has set an ambitious year-end occupancy target of 93.2%.


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Balanced Approach to Capital Allocation

This dual strategy of strategic acquisitions coupled with capital recycling demonstrates SL Green’s agile approach to navigating market opportunities. The Park Avenue Tower acquisition strengthens the company’s presence along the prestigious Park Avenue corridor, while the partial sale of One Vanderbilt optimizes its capital structure. Investors continue to benefit from a monthly dividend distribution of $0.2575 per share.

The critical test for SL Green’s strategy to overcome sector-wide pressures will come with the finalization of the Park Avenue Tower acquisition in Q1 2026.

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