IMG Worldwide Renews 90K SF at SL Green’s 304 Park Avenue South
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $9.1B across 42 reported transactions. All Office coverage →
- 21 stories mentioning SL Green on the wire in the past 90 days. SL Green coverage →
Computed from Real Estate Trail’s own tracked coverage
Global talent agency IMG Worldwide has renewed a 90,202-square-foot slice of its office lease at 304 Park Avenue South between East 22nd and East 23rd Streets in Midtown South. IMG arrived at SL Green Realty ’s 12-sto…
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