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SL Green Signs 144,000 Square Foot Renewal and Expansion Lease with Newmark at 125 Park Avenue

1. SL Green signed a 15-year lease renewal with Newmark for 144,418 sq ft. 2. To date in 2025, SLG secured 455,008 sq ft in Manhattan office leases. 3. High tenant demand for quality office space in Midtown shows market strength. 4. 125 Park Avenue is over 99% leased, demonstrating strong occupancy rates. 5. SLG aims to maximize value through a significant portfolio of Manhattan properties.

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Why Bullish?

The lease renewal reflects strong demand and positive market sentiment, similar to previous expansions in downtown areas which boosted REIT valuations.

How important is it?

Strong leasing activity signals confidence in Manhattan's office market, positively influencing investor sentiment and SLG's stock.

Why Long Term?

Continued leasing activity indicates sustainable growth potential, as seen during prior Manhattan office recoveries.

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March 03, 2025 07:30 ET  | Source: SL Green Realty Corp NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced it has signed a fifteen-year, 144,418 square foot renewal and expansion lease with Newmark & Company Real Estate, Inc. at 125 Park Avenue, increasing Newmark’s current footprint to 184,239 square feet. To date in 2025, SL Green has signed Manhattan office leases totaling 455,008 square feet, while maintaining a current pipeline of approximately 975,000 square feet. “We are pleased to extend our valued relationship with Newmark,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property at SL Green, who added “this is another example of the continued strength of the midtown Manhattan office market, which is showing significant tenant demand for high quality space near Grand Central Terminal.” 125 Park Avenue is over 99% leased as SL Green finalizes the design of a stunning new lobby and restoration of the building’s entrance to its original design. The building is designated a New York City landmark for its “significant contribution to the variety and richness of Midtown East,” and is located directly across from Grand Central Terminal. The tenant was represented by Jason Perla, Brian Waterman, David Waterman and Matthew Schreiner of Newmark. About SL Green Realty Corp.SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of December 31, 2024, SL Green held interests in 54 buildings totaling 30.6 million square feet. This included ownership interests in 27.0 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. SLG – GEN PRESS CONTACTslgreen@berlinrosen.com

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