SL Green Realty (SLG) BofA NY Global Real Estate Conference 2026 summary

Strategic goals and market performance

• Surpassed annual leasing goals with 1.8 million sq ft leased in under nine months and a strong pipeline ahead.

• Disposed of 110 Greene Street as part of the 2026 capital plan, with five of eleven planned transactions completed or announced.

• Same store NOI growth exceeded expectations, driven by robust leasing and occupancy.

• Major refinancing underway, including a $2 billion mortgage for 245 Park, expected to close soon.

• Office-to-residential conversion at 750 Third Avenue progressing, with financing and a joint venture partner in process.

Market trends and policy environment

• New York City experiencing its strongest office leasing year since 2000, with major commitments from leading firms in finance, tech, and law.

• Rents rising across both high-end and mid-market segments; high-end rents up 30%, mid-market up 5-10%.

• Concessions tightening, with tenant improvement allowances and free rent periods contracting.

• Office-to-residential conversions, enabled by policy 467-m, are reducing office supply and supporting rent growth.

• Positive engagement with city administration, aligning on affordability and development initiatives.

Leasing, occupancy, and development outlook

• Lease expirations at historic lows for the next three years, with under 1 million sq ft rolling annually.

• Expectation to reach over 95% leased occupancy and close the gap with economic occupancy by 2027.

• SUMMIT observatory at One Vanderbilt is the top performer in NYC, with Paris and Tokyo locations in development.

• 346 Madison development progressing, targeting a 2031 completion and aiming for high-end tenants.

• Rent growth expected to continue, especially at the high end, with further compression in concessions.