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U.S. Sale-Leaseback Volume Rebounds, Signals “Growing Momentum”
U.S. sale-leaseback transaction activity rebounded in 2025, driven by improving M&A markets and renewed corporate demand for alternative sources of capital. “Activity meaningfully accelerated during the second half of the year, signaling growing momentum heading into 2026,” said Scott Merkle, Managing Partner of SLB Capital Advisors
The U.S. sale-leaseback market recorded 714 discrete transactions in 2025, a 3% increase from the prior year and the first year since 2022 that transactions exceeded 700. Aggregate dollar volume rose 18% to approximately $14.4 billion, says SLB Capital Advisors, an advisory firm focused on sale-leasebacks and M&A-related real estate transactions. That included $4.71 billion of activity in the fourth quarter alone.
“After the market digested tariff-related headlines earlier in the year and M&A activity regained momentum following a slower first half, we saw a corresponding increase in sale leaseback transactions,” said Merkle. “Historically, when corporate M&A transaction activity improves, sale-leasebacks follow as companies seek to unlock capital from owned real estate.”
In addition to M&A-related transactions, SLB noted strong activity from corporations with owned real estate pursuing sale-leasebacks as a strategic financing tool.
Pictured: The Sotheby’s headquarters on Manhattan’s Upper East Side, which traded during Q4 2025 in a $510-million sale-leaseback.
- ◦Sale/Acquisition
