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SL Green lifts NY office occupancy as Q2 leasing improves
Its New York office portfolio occupancy rose to 94.7 percent, while Q2 FFO totaled $109.6 million.
SL Green reported improved leasing and occupancy performance in its New York City office portfolio on its second-quarter 2026 earnings call, with CEO Marc Holliday pointing to a strengthening Midtown leasing environment.
According to Commercial Observer, SL Green’s occupancy rate for its New York office portfolio rose to 94.7 percent from 94.4 percent, helped by what the company described as tightening availability of premier space. The REIT said it signed 53 Manhattan office leases in the quarter totaling 445,161 square feet, with an average rent of $93.17 per square foot and an average lease term of 5.8 years, bringing first-half 2026 leasing to 1,374,425 square feet across 104 Manhattan office transactions.
Commercial Observer also reported that SL Green’s funds from operations were $109.6 million, or $1.43 per share, in Q2 2026, compared with $124.5 million, or $1.63 per share, in the same period last year. Total revenue increased to $264 million in Q2 2026 from $241 million in Q2 2025, a 9 percent rise, while the company posted a net loss of $26.5 million, or 38 cents per share, versus a net loss of $11.1 million, or 16 cents per share, a year earlier.
The REIT’s flagship deals during the quarter included a lease for 98,420 square feet, a 10-year term, and take-up of the entire 11th floor at 11 Madison Avenue by an unnamed top AI firm, plus Fidelity National Title Insurance signing a new 10-year lease for 19,966 square feet at 711 Third Avenue. SL Green said it also had new leasing at 1185 Avenue of the Americas, with 57,000 square feet filled in new leases during the quarter.