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SL Green Realty

SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2024, the company owned interests in 39 properties comprising 25,297,353 square feet, primarily in Manhattan. It has been referred to as "New York City’s largest office landlord".[2]

Notable properties owned by the company are One Astor Plaza, One Vanderbilt, 461 Fifth Avenue, 810 Seventh Avenue, 919 Third Avenue, the Pershing Square Building, and Random House Tower.[1]

History

The company's predecessor, S.L. Green Properties, Inc., was formed in 1980 by Stephen L. Green.[1] In 1997, the company was formed as a successor.[1]

In 2000, the company sold the Whitehall Building.[3] In 2002, in partnership with SITQ, the company acquired One Astor Plaza for $483.5 million.[4]

In 2003, the company acquired 461 Fifth Avenue for $100.3 million.[5] In November 2004, the company sold The Knickerbocker Hotel in Manhattan for $160 million.[6] In 2005, the company acquired the Metropolitan Life Insurance Company Tower for $916 million and converted the building into condominiums.[7]

In 2006, the company acquired Reckson Associates in a $4 billion transaction.[8] In December 2007, the company acquired 388 Greenwich Street from Citigroup in a leaseback transaction.[9] Citigroup reacquired the building in 2016.[10]

In 2010, the company acquired the Pershing Square Building from Shorenstein Properties for $330 million.[11] In 2011, the company sold One Court Square in Long Island City, Queens to David Werner and Joel Schreiber for $481 million[12][13]

In August 2017, the company sold the Montague-Court Building for $171 million to CIM Group. The company had bought the property for $107.5 million in 2007 and made significant upgrades.[14] In November 2018, the company purchased a $148 million stake in 245 Park Avenue from Chinese conglomerate HNA Group. The company was also appointed as property manager and leasing manager.[15]

Buildings

Notable buildings managed by SL Green Realty include:

  • One Vanderbilt
  • One Astor Plaza
  • 110 East 42nd Street
  • 461 Fifth Avenue
  • 810 Seventh Avenue
  • 919 Third Avenue
  • Graybar Building
  • The News Building
  • Pershing Square Building
  • Random House Tower
  • Worldwide Plaza

External links

References

  1. SL Green Realty Corp. 2024 Form 10-K Annual Report U.S. Securities and Exchange Commission, February 18, 2025^
  2. Matthew Haag. A Bleak Outlook for Manhattan's Office Space May Signal a Bigger Problem The New York Times, April 25, 2023^
  3. Metro Business; Broadway Building Is Sold The New York Times, September 22, 2000^
  4. 1515 BROADWAY The Real Deal, March 13, 2019^
  5. SL Green Realty Corp. Announces Agreement to Acquire 461 Fifth Avenue for $62.3 Million Business Wire, July 21, 2003^
  6. Michael Stoler. Condos, New Retail To Be Added to Times Square Mix The New York Sun, April 20, 2006^
  7. Thomas J. Lueck. $1 Billion Deal Turns MetLife Into Condos The New York Times, March 31, 2005^
  8. Claudia H. Deutsch. SL Green Acquires Reckson Associates for $4 Billion The New York Times, August 4, 2006^
  9. Konrad Putzier. Citigroup closes on $1.8B buy of Tribeca HQ from SL Green The Real Deal, June 13, 2016^
  10. SL Green & Citi Reach Agreement on Early Purchase of 388-390 Greenwich Street Business Wire, April 20, 2016^
  11. Dan Levy. SL Green Said to Buy Park Avenue Office Tower for $330 Million Bloomberg News, May 7, 2010^
  12. Konrad Putzier. The story of WeWork's mysterious first investor The Real Deal, December 1, 2017^
  13. SL Green's One Court Square purchased by Israeli investors The Real Deal, November 9, 2011^
  14. Barclays, Citi provide CIM with loan to buy 16 Court St. The Real Deal, October 12, 2017^
  15. SL Green invests $148M for stake in HNA's 245 Park Avenue The Real Deal, November 30, 2018^