SL Green Realty Corp. announced that Harvey AI has expanded its lease at One Madison Avenue by 92,663 square feet, bringing the AI firm’s total footprint at the building to 185,326 square feet and filling the remaining space to achieve 100% occupancy.
The expansion is part of a record‑setting first‑quarter leasing volume for SL Green, which is on track to lease more than 900,000 square feet in Q1 2026, a 28‑year high. In the first 65 days of 2026, the company signed 44 leases totaling 832,135 square feet.
One Madison Avenue, a flagship adaptive‑reuse project completed on schedule and within budget, now serves as a magnet for high‑profile tenants. "One Madison is the perfect manifestation of our platform, meeting the market demand for beautifully designed, innovatively amenitized and expertly managed trophy office space. It's no wonder the building has proven to be a magnet for leading financial and tech firms alike, and Harvey AI's expansion is the ultimate endorsement of our future‑forward product," said Steven Durels, SL Green’s Director of Leasing and Real Property.
Management highlighted the lease as evidence that AI and technology tenants are driving demand for office space in Manhattan. "Our incredible first quarter – likely the best in our entire history – has been driven by large, long‑term commitments from sophisticated companies, the ultimate response to the false narrative that AI is shrinking the workforce in New York City," said CEO Marc Holliday.
While the lease announcement underscores strong leasing activity, SL Green’s Q4 2025 earnings report showed a net loss of $1.49 per share and a decline in FFO to $1.13 per share from $1.81 in Q4 2024. The company’s 2026 FFO guidance of $4.40–$4.70 per share, below the consensus estimate of $5.16, reflects higher operating expenses, real‑estate taxes, and tenant vacates.
Despite the guidance cut, the company’s robust leasing pipeline—exceeding 800,000 square feet—positions it to maintain high occupancy and generate rental income in the coming months. The Harvey AI expansion demonstrates that SL Green’s focus on trophy assets and adaptive reuse continues to attract high‑quality tenants, supporting the company’s long‑term growth strategy.
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