SL Green Realty Corp. (SLG) is a self-managed real estate investment trust (REIT) specializing in the ownership, management, operation, acquisition, development, and financing of commercial real estate properties. The company focuses primarily on office properties in the New York metropolitan area, particularly in Manhattan, while also operating retail, residential, and development/redevelopment properties. SL Green generates revenue through leasing, property operations, and investments in debt and preferred equity.
- Real Estate Segment - Generates revenue from tenant rents, escalations, and reimbursement income, primarily through office, retail, and residential properties in Manhattan and suburban areas.
- SUMMIT Segment - Operates an observation deck at One Vanderbilt Avenue in Midtown Manhattan, generating revenue from ticket sales.
- Debt and Preferred Equity (DPE) Investments Segment - Provides financing solutions and earns revenue from interest income and related activities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Marc Holliday ExecutiveBoard | Chief Executive Officer | Chairman of the Board of Directors of NYRA ; Executive Committee Member of the Real Estate Board of New York Board of Governors | Marc Holliday has been the Chief Executive Officer of SLG since January 2004 and has served as Chairman of the Board since January 2019. He began his tenure at SLG as Chief Investment Officer in July 1998 , demonstrating decades of leadership in the real estate sector. | View Report → |
Matthew J. DiLiberto ExecutiveBoard | Chief Financial Officer | Vice Chairman of the Board of Directors of the FDNY Foundation; Firefighter in New Jersey | CFO of SLG since 2015, previously served as Chief Accounting Officer & Treasurer from 2007 to 2014 and joined SLG in September 2004. | |
Andrew S. Levine Executive | Executive Vice President, Chief Legal Officer, General Counsel, and Secretary | Andrew S. Levine is the Executive Vice President, Chief Legal Officer, General Counsel, and Secretary at SLG. He has held the role of General Counsel, Executive Vice President, and Secretary since November 2000 and has served as Chief Legal Officer and General Counsel since April 2007. | ||
Andrew W. Mathias Board | Advisor | Founder of Edge Park Management LLC | Andrew W. Mathias served as President of SLG from April 2007 until December 2023 and now contributes as an Advisor and Board Member since January 2024, playing a key role in strategic decision-making at the company. He began his career at SLG as Vice President in March 1999 and was subsequently promoted, contributing significantly to the firm's growth over the years. | |
Betsy S. Atkins Board | Independent Director | CEO of Baja Corp; Board Member at Enovix Corporation; Board Member at Solaredge Technologies, Inc.; Board Member at Wynn Resorts Ltd. | Betsy S. Atkins has served as an Independent Director at SL Green Realty Corp since 2015 and is a member of its Audit Committee and Nominating and Corporate Governance Committee. She is also the CEO of Baja Corp since 1994 and holds board roles at Enovix Corporation (since July 2021), Solaredge Technologies, Inc. (since June 2021), and Wynn Resorts Ltd. (since April 2018). | |
Carol N. Brown Board | Independent Director | Professor at the University of Richmond School of Law | Carol N. Brown has been an Independent Director at SLG since 2022, bringing extensive expertise in property law and real estate from her long academic career, including her current role as Professor at the University of Richmond School of Law. | |
Craig M. Hatkoff Board | Independent Director | Director, Jaguar Global Growth Corporation I; Director, Captivision Inc. | Craig M. Hatkoff has been an Independent Director at SLG since 2011 and serves on the Audit Committee as well as chairs the Nominating and Corporate Governance Committee. He brings extensive experience in real estate and finance from his previous roles, including serving as Vice Chairman at Capital Trust, Inc. and as Founder and Managing Partner at Victor Capital Group, L.P.. | |
Edwin T. Burton Board | Independent Director | Professor of Economics at University of Virginia; Board Member at Chase Investors | Edwin T. Burton, III has served as an Independent Director at SLG since 1997 and is the Chair of the Audit Committee. He is also a Professor of Economics at the University of Virginia since 1988 and a board member of Chase Investors. | |
John H. Alschuler Board | Lead Independent Director | Director at Xenia Hotels and Resorts, Inc. since 2015; Director at The Macerich Company since 2015; Executive Chairman at Therme Group US since 2022; Adjunct Associate Professor at Columbia University | John H. Alschuler has served as SLG's Lead Independent Director since 2010 and as a board member since 1997, bringing extensive expertise in real estate, governance, and strategic oversight. | |
Lauren B. Dillard Board | Independent Director | Senior Managing Director and Chief Financial Officer at Vista Equity Partners | Lauren B. Dillard has served as an Independent Director at SLG since 2016 while also holding key committee roles as both Chair of the Compensation Committee and a member of the Audit Committee. She brings extensive expertise in finance and corporate governance and currently serves externally as the Senior Managing Director and Chief Financial Officer at Vista Equity Partners since April 2022. | |
Stephen L. Green Board | Chairman Emeritus | At-large member, Executive Committee, Real Estate Board of New York; Member, Board of Directors, Streetsquash, Inc. | Stephen L. Green has served as Chairman Emeritus of SLG since January 2019 and as a Director and member of the Executive Committee since 1997. He founded the predecessor company in 1980 and previously served as CEO until his transition to Chairman Emeritus. |
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Despite an increase in leased occupancy, financial occupancy has decreased across several assets—can you explain the reasons behind this discrepancy and provide guidance on how financial occupancy is expected to trend in 2025?
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Given that you committed $100 million of capital in 2024 and expect similar commitments in 2025, do you anticipate any challenges in covering the dividend, and can you elaborate on your plans to ensure its sustainability without relying on FAD as a metric?
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With the New York City congestion tax potentially impacting traffic patterns and commuter behavior, have you observed any changes in tenant preferences or office utilization that could negatively affect demand for your properties?
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In light of recent large office financing transactions, are lenders becoming more willing to finance office assets, and do you see this trend continuing, especially for longer-term debt options beyond five years?
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Considering the significant amount of assets in special servicing, including $8.2 billion designated as non-active, what is your outlook on these assets potentially moving into active special servicing, and how might this impact your portfolio and overall strategy?
Research analysts who have asked questions during SL GREEN REALTY earnings calls.
Alexander Goldfarb
Piper Sandler
5 questions for SLG
John Kim
BMO Capital Markets
5 questions for SLG
Steve Sakwa
Evercore ISI
5 questions for SLG
Blaine Heck
Wells Fargo Securities
4 questions for SLG
Caitlin Burrows
Goldman Sachs
4 questions for SLG
Nicholas Yulico
Scotiabank
4 questions for SLG
Ronald Kamdem
Morgan Stanley
4 questions for SLG
Anthony Paolone
JPMorgan Chase & Co.
3 questions for SLG
Michael Lewis
Truist Securities, Inc.
3 questions for SLG
Omotayo Okusanya
Deutsche Bank AG
3 questions for SLG
Peter Abramowitz
Jefferies
3 questions for SLG
Seth Bergey
Citi
3 questions for SLG
Vikram Malhotra
Mizuho Financial Group, Inc.
3 questions for SLG
Brendan Lynch
Barclays
2 questions for SLG
Jeffrey Spector
BofA Securities
2 questions for SLG
Michael Griffin
Citigroup Inc.
2 questions for SLG
Jana Galan
Bank of America
1 question for SLG
Ronald Kamden
Morgan Stanley
1 question for SLG
Viktor Fediv
Scotiabank
1 question for SLG
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Paramount Global | Major office & retail tenant | Office & Retail | Responsible for 5.5% of SLG’s share of annualized cash rent ($73.7M). |
UBS Americas, Inc. | Major office tenant | Office | Responsible for 3.5% of SLG’s share of annualized cash rent ($46.9M). |
Sony Corporation | Major office tenant | Office | Responsible for 2.3% of SLG’s share of annualized cash rent ($31.3M). |
Bloomberg L.P. | Major office tenant | Office | Responsible for 1.9% of SLG’s share of annualized cash rent ($25.4M). |
Societe Generale | Major office tenant | Office | Responsible for 1.9% of SLG’s share of annualized cash rent ($25.2M). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
500 Park Avenue | 2025 | Acquired for $130.0 million and financed with an $80.0 million mortgage featuring a floating rate swapped to a fixed rate of 6.57% until February 2028; the asset (201,411 square feet at a prime Park Avenue location) is set to be enhanced with luxury hospitality amenities to boost rental income. |
625 Madison Avenue | 2023 | SL Green converted its mezzanine debt into a 90.43% ownership interest on the property acquired for $620.245 million, subject to a $223.0 million mortgage maturing in December 2026 at a fixed rate of 6.05%; the deal also recorded a $305.9 million impairment amid low occupancy levels (16.8%), reflecting its financial and operational review. |
Recent press releases and 8-K filings for SLG.
- SL Green Realty Corp. reported a net income attributable to common stockholders of $24.9 million, or $0.34 per share, for the third quarter ended September 30, 2025, a significant improvement from a net loss of $13.3 million, or $0.21 per share, for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $7.3 million, or $0.12 per share.
- Funds from Operations (FFO) for the third quarter ended September 30, 2025, were $120.4 million, or $1.58 per share, which includes $13.1 million in transaction costs primarily related to the Company's pursuit of a gaming license. This compares to FFO of $78.6 million, or $1.13 per share, in Q3 2024.
- For the nine months ended September 30, 2025, FFO reached $351.4 million, or $4.60 per share, benefiting from $71.6 million related to the repayment of a commercial mortgage investment and a $57.2 million net gain on discounted debt extinguishment.
- Total revenues for the third quarter of 2025 were $244.8 million.
- SLG reported strong leasing activity in Q3 2025, having signed over 1,900,000 square feet of leases year-to-date and expecting to exceed 2,000,000 square feet by year-end. Company-wide occupancy increased to above 92% as of September and is projected to reach 93.2% by year-end.
- The company acquired Park Avenue Tower for $730,000,000, an asset with 95% in-place occupancy and in-place rents of approximately $125 per foot blended that are considered under market. SLG also acquired a new development site at 346 Madison Avenue and 11 East 40 Fourth for a new office project with an expected completion by 02/1930.
- The New York office market is experiencing a strong recovery, with rising tenant demand and rents, particularly in the Park Avenue corridor. Concessions are tightening, with tenant improvements (TIs) decreasing by $5 to $10 per square foot and free rent periods shortening to 14-16 months from a high of 18 months.
- Cash lease spreads were slightly negative in Q3 2025, attributed to two specific leases. FFO was impacted by a $0.17 transaction cost and an estimated $0.20 increase in interest expense over Q3 and Q4 due to a higher line balance.
- SL Green reported robust leasing activity for Q3 2025, signing over 1.9 million square feet of leases year-to-date and expecting to exceed 2 million square feet by year-end 2025. Occupancy increased to over 92% by the end of September, with a target of 93.2% by year-end.
- The company made significant acquisitions, including Park Avenue Tower for $730 million and a new development site at 346 Madison Avenue and 11 East 44th Street.
- Financing activities included a $1.4 billion refinancing at 11 Madison Avenue at approximately 5.6%, and the SLG opportunistic debt fund reached $1 billion in closings with $220 million deployed, projected to increase to over $400 million by year-end.
- The New York office market is experiencing strong demand, with rents appreciating 10% to 20% in some buildings over the last 10 months, and expectations for 20% to 25% rent growth in the Park Avenue market over the next four to five years. Park Avenue Tower, a recent acquisition, has in-place rents of $125 per foot compared to market rents of mid-$150 to over $200 per square foot.
- FFO was affected by an incremental debt extinguishment gain, partially offset by $0.17 in transaction costs and an approximate $0.20 increase in interest expense over Q3 and Q4 due to a higher line balance.
- SL Green Realty Corp. reported net income attributable to common stockholders of $0.34 per share and Funds from Operations (FFO) of $1.58 per share for the third quarter of 2025. This compares to a net loss of $0.21 per share and FFO of $1.13 per share for the same period in 2024.
- The company signed 52 Manhattan office leases totaling 657,942 square feet in Q3 2025, with a mark-to-market of 2.7% lower than previous rents. Manhattan same-store office occupancy increased to 92.4% as of September 30, 2025.
- SL Green entered into contracts to purchase Park Avenue Tower for $730.0 million and 346 Madison Avenue for $160.0 million, with closings expected in Q1 2026 and Q4 2025, respectively. The company also closed on the sale of a 5.0% interest in One Vanderbilt Avenue for $86.6 million.
- In financing activities, the company completed a $1.4 billion refinancing of 11 Madison Avenue and recorded a net gain on discounted debt extinguishment of $57.2 million at 1552-1560 Broadway in the third quarter of 2025.
- SL Green Realty Corp. has entered into a contract to acquire Park Avenue Tower for $730.0 million.
- The transaction is expected to close in the first quarter of 2026.
- The acquisition is anticipated to deliver sustainable cash flow and long-term value creation, further solidifying SL Green's position as a leading owner of premier properties along Park Avenue.
- Park Avenue Tower is a 36-story, 621,824 square foot, Class A office building located at 65 East 55th Street, described as strategically located and well-leased at below-market rents, offering significant upside.
- Mori Building Co., Ltd. acquired an additional 5.0% interest in One Vanderbilt Avenue from SL Green Realty Corp. on October 15, 2025.
- This transaction valued the trophy office tower at a gross $4.7 billion.
- Following this sale, Mori Building Co., Ltd.'s total stake in One Vanderbilt Avenue is 16.0%, while SL Green retains a 55.0% interest.
- One Vanderbilt Avenue is a 1.7 million-square-foot skyscraper that is 100 percent leased.
- SL Green Realty is experiencing strong leasing momentum, having leased 1.5 million square feet to date and expecting to exceed its 2 million square feet goal for 2025. The company's leased occupancy is projected to increase from 91.7% to over 93% by the end of 2025, with a trajectory towards 95%+ stabilized occupancy next year.
- The New York City office market is in full-on recovery mode, with availability rates broadly declining and rents rising. Availability in Midtown's "better buildings" is 8.1%, down from 8.6% a quarter ago, and total Midtown availability is 11%.
- The transaction market is opening up, supported by a recovering CMBS market and renewed investor interest. SL Green recently acquired a new development site at 346 Madison Avenue for future development and notes that financing markets for New York assets are clearly open.
- Management anticipates material rent increases and expects same-store Net Operating Income (NOI) for the sector to be higher next year. They also project long-term debt rates to decline when the Fed begins to cut.
- SL Green Realty has seen strong leasing activity, with 1.5 million square feet leased year-to-date and a pipeline of over 1.1 million square feet, aiming to exceed 2 million square feet for the year.
- The New York office market is in recovery, with total Midtown availability at 11% and Park Avenue at around 5%. SL Green's leased occupancy is currently 91.7% and is projected to reach over 93% by year-end.
- The company is actively investing, recently acquiring a new development site at 346 Madison Avenue, and notes a strong recovery in financing markets for New York assets.
- Office-to-residential conversions are significantly reducing office inventory, with an estimated 40-50 million square feet potentially coming off the market, contributing to rising rents and a landlord's market.
- SL Green Realty reports strong leasing momentum, with 1.5 million sq ft leased year-to-date and an expected 500,000 sq ft in Q3 2025, putting them on track to exceed their 2 million sq ft goal for the year.
- The company's leased occupancy is currently 91.7%, projected to reach over 93% by year-end 2025, driven by a recovering New York City office market where availability rates are declining and rents are rising, particularly in core Midtown.
- SL Green has acquired a new development site at 346 Madison Avenue, with plans to develop it over a two-year planning and approval process, and continues to find debt investment opportunities targeting mid-teens returns.
- Management anticipates long-term debt rates to decline when the Fed cuts, plans to increase spending on AI initiatives, and expects same-store Net Operating Income (NOI) for the sector to be higher next year.
- SL Green Realty Corp. and CEO Marc Holliday entered into an amendment to his employment agreement on June 24, 2025, with the amended terms effective as of January 18, 2025.
- The amendment specifies that Marc Holliday will be eligible for annual time-based equity awards of LTIP Units, starting in January 2026, with a target value of not less than $5,000,000 for achievement of target performance, determined by the Compensation Committee based on prior year performance. The number of LTIP Units can be increased by up to 200% based on the achievement of three-year operational or financial goals.
- Marc Holliday is eligible for a one-time cash bonus of $10,000,000 if the 1515 Broadway property is converted into a world-class gaming, hotel, and entertainment destination, and the Employer's estimated share of projected EBITDA is not less than $100 million during the first full stabilized year of operations.
- Provisions for formulaic cash payments following a change in control were eliminated; instead, a diminution in Mr. Holliday's compensation after a change-in-control would constitute "good reason" under the employment agreement.