SL Green Realty Corp. has secured a $1.65 billion five‑year, fixed‑rate CMBS refinancing for its One Madison Avenue property, a transaction priced at 181 basis points above the U.S. Treasury index that translates into an interest rate of 5.81%. The deal is led by Wells Fargo Bank and includes Goldman Sachs, J.P. Morgan, Bank of America, Deutsche Bank and Crédit Agricole as participating lenders.
The new financing replaces the building’s prior construction facility, which had an outstanding balance of approximately $1.171 billion at the time of the refinancing. The transaction is expected to close in the first quarter of 2026, extending the debt maturity and locking in a fixed rate that protects the company against future interest rate volatility.
One Madison Avenue, a fully leased 18‑story tower built on a historic 1893 structure, hosts a roster of high‑profile tenants including IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing, Harvey AI and Coinbase. The building’s redevelopment, completed in 2023 after a $2.3 billion investment, has positioned it as a premium office asset in Midtown Manhattan.
The refinancing is part of SL Green’s broader $7.0 billion financing plan for 2026. “The strong investor demand for this transaction underscores the depth of liquidity available for high‑quality office assets, even amid periods of market volatility. The transaction was significantly oversubscribed, with all classes nearly clearing year‑to‑date tights and executing inside current secondary spreads for several comparable New York City office SASB transactions. This transaction brings us to more than $4.5 billion of financing and refinancing activity to date in 2026 in furtherance of our larger $7.0 billion financing plan for the year, which will strengthen our balance sheet and extend our debt maturity profile,” said Harrison Sitomer, President and Chief Investment Officer of SL Green.
The deal represents the largest Manhattan office refinancing completed in 2026, underscoring investor confidence in high‑quality office assets despite broader market volatility. By extending the maturity profile and securing a fixed rate, SL Green positions itself to pursue future acquisitions and capital expenditures while maintaining a robust balance sheet.
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