SL Green Realty
A New York City-focused real estate investment trust and major Manhattan office property owner.
Last updated August 21, 2026
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Overview
SL Green Realty Corp. is a publicly traded American real estate investment trust focused primarily on office buildings and, to a lesser extent, shopping centers in New York City. Its portfolio has historically been concentrated in Manhattan, making the company one of the most prominent institutional owners and operators of New York office property. The business combines property ownership with leasing and management activities, giving it exposure to rental income, asset values, redevelopment opportunities, and the broader cycles of the commercial real estate market. The company traces its origins to S.L. Green Properties, Inc., formed in 1980 by Stephen L. Green. The current company was established as a successor in 1997. Over the following decades, SL Green expanded through acquisitions, property repositioning, partnerships, asset sales, and larger portfolio transactions. Its growth strategy included purchases of prominent Midtown and Downtown office assets, selective investments in retail and mixed-use properties, and the acquisition of Reckson Associates in 2006 in a transaction valued at approximately $4 billion. SL Green's notable properties and interests have included One Vanderbilt, One Astor Plaza, 461 Fifth Avenue, 810 Seventh Avenue, 919 Third Avenue, the Pershing Square Building, the Random House Tower, the Graybar Building, The News Building, Worldwide Plaza, and 110 East 42nd Street. One Vanderbilt is among the company's most visible modern developments and illustrates its emphasis on high-profile Manhattan office projects. The company has also served as property manager or leasing manager for buildings in which it did not necessarily own the entire asset. Its portfolio has changed over time through purchases and dispositions. Examples include the acquisition of One Astor Plaza with SITQ, the purchase of 461 Fifth Avenue, the acquisition of the Metropolitan Life Insurance Company Tower followed by its conversion into condominiums, the purchase of the Pershing Square Building, and the acquisition of a stake in 245 Park Avenue from HNA Group. SL Green has also sold assets such as the Whitehall Building, the Knickerbocker Hotel, One Court Square, the Montague-Court Building, and 388 Greenwich Street, the latter following a leaseback arrangement with Citigroup. As of December 31, 2024, the company owned interests in 39 properties totaling approximately 25.3 million square feet, primarily in Manhattan, according to the referenced company description. Its business remains closely tied to the health of New York's office market, including tenant demand, leasing conditions, interest rates, financing availability, property valuations, and the changing pattern of office usage. The brand is therefore best understood not as a consumer-facing property label but as the corporate identity of a specialized, publicly listed urban real estate owner, developer, manager, and landlord.
History
SL Green Realty's predecessor, S.L. Green Properties, Inc., was formed in 1980 by Stephen L. Green. The present corporate entity was established as a successor in 1997. From its early development, the company concentrated on New York City real estate, particularly office properties in Manhattan, and built its platform through a combination of acquisitions, property management, leasing, redevelopment, and asset dispositions. In 2000, SL Green sold the Whitehall Building. In 2002, it partnered with SITQ to acquire One Astor Plaza for $483.5 million. The following year, it purchased 461 Fifth Avenue for $100.3 million. In 2004, the company sold the Knickerbocker Hotel in Manhattan for $160 million. In 2005, it acquired the Metropolitan Life Insurance Company Tower for $916 million and converted the historic property into condominiums, demonstrating an approach that extended beyond simply holding conventional office buildings. A major expansion occurred in 2006, when SL Green acquired Reckson Associates in a transaction valued at approximately $4 billion. In December 2007, it acquired 388 Greenwich Street from Citigroup through a leaseback transaction; Citigroup later reacquired the property in 2016. In 2010, SL Green bought the Pershing Square Building from Shorenstein Properties for $330 million. In 2011, it sold One Court Square in Long Island City to David Werner and Joel Schreiber for $481 million. The company continued to adjust its portfolio during the following decade. In August 2017, it sold the Montague-Court Building to CIM Group for $171 million. SL Green had acquired the property in 2007 and subsequently made substantial upgrades. In November 2018, the company purchased a $148 million stake in 245 Park Avenue from HNA Group and became the property's manager and leasing manager. The company's portfolio has included several prominent New York buildings, including One Vanderbilt, One Astor Plaza, 110 East 42nd Street, 461 Fifth Avenue, 810 Seventh Avenue, 919 Third Avenue, the Graybar Building, The News Building, the Pershing Square Building, the Random House Tower, and Worldwide Plaza. As of December 31, 2024, the company reportedly owned interests in 39 properties totaling approximately 25,297,353 square feet, primarily in Manhattan. The company has also managed notable properties, including buildings in which its ownership interest may differ from its management role. SL Green's history reflects the development of a specialized urban REIT whose performance is closely linked to Manhattan office demand, leasing activity, asset values, capital markets, and redevelopment economics. Its identity has remained centered on New York City commercial real estate rather than on a geographically diversified national property portfolio.
- 2024
Portfolio reported at 39 properties
[1]As of December 31, 2024, the company was reported to own interests in 39 properties totaling approximately 25.3 million square feet, primarily in Manhattan.
- 2018
245 Park Avenue stake acquired
[1]SL Green bought a $148 million stake in 245 Park Avenue from HNA Group and assumed property and leasing management responsibilities.
- 2010
Pershing Square Building acquired
[1]The company acquired the Pershing Square Building from Shorenstein Properties for $330 million.
- 2006
Reckson Associates acquisition
[1]SL Green acquired Reckson Associates in a transaction valued at approximately $4 billion.
- 2005
Metropolitan Life Insurance Company Tower acquired
[1]SL Green acquired the Metropolitan Life Insurance Company Tower for $916 million and later converted it into condominiums.
- 2002
One Astor Plaza acquisition
[1]SL Green and SITQ acquired One Astor Plaza for $483.5 million.
- 1997
Successor company established
[1]The current company was formed as a successor to the predecessor organization.
- 1980
Predecessor company formed
[1]S.L. Green Properties, Inc. was formed by Stephen L. Green, establishing the predecessor to SL Green Realty.
Products and positioning
A New York City-focused office real estate investment trust emphasizing high-profile Manhattan assets, institutional ownership, leasing, property management, and urban development.
Office real estate
Manhattan office properties
SL Green's principal business is ownership of interests in office buildings concentrated in Manhattan. These assets generate rental income through tenant leases and may also provide opportunities for renovation, redevelopment, refinancing, and eventual sale. Notable holdings and interests have included One Vanderbilt, One Astor Plaza, 461 Fifth Avenue, 810 Seventh Avenue, 919 Third Avenue, the Pershing Square Building, and the Random House Tower.
Real estate services
Property leasing and management
In addition to owning properties, SL Green provides or oversees leasing and property management for prominent New York commercial buildings. These functions support occupancy, tenant relationships, building operations, and asset positioning. The company was appointed property manager and leasing manager for 245 Park Avenue after acquiring an interest in the property.
Real estate development
Urban redevelopment and repositioning
The company has used redevelopment and repositioning as part of its asset strategy. Its historical conversion of the Metropolitan Life Insurance Company Tower into condominiums and upgrades to the Montague-Court Building illustrate activities beyond passive ownership of standard office space.
Retail real estate
New York retail and shopping-center properties
SL Green has also invested in shopping centers and retail-oriented real estate, although its corporate identity and reported portfolio are primarily associated with Manhattan office buildings.
Brand decisions
2018
Acquire an interest in 245 Park Avenue and take on management rolesM&ABackground
SL Green purchased an interest in 245 Park Avenue from HNA Group as part of its continued involvement in prominent Manhattan office assets.
Action taken
The company acquired a $148 million stake and was appointed property manager and leasing manager.
Aftermath
The transaction expanded SL Green's ownership exposure and operational role at the property.
Stake acquisition price. $148 million (November 2018)
2005
Convert Metropolitan Life Insurance Company Tower into condominiumsStrategyBackground
After acquiring the Metropolitan Life Insurance Company Tower for $916 million, SL Green pursued a conversion of the building into condominiums.
Action taken
The company changed the asset's use from its prior commercial configuration toward residential condominium ownership.
Aftermath
The project demonstrated SL Green's willingness to use redevelopment and adaptive reuse as part of its New York property strategy.
Acquisition price. $916 million (2005)
Recent events
SL Green announces sale of 635-641 Sixth Avenue[2]
Reported:
SL Green Realty announced the sale of 635-641 Sixth Avenue for $325.0 million. The transaction was expected to close in the second quarter of 2021.
SL Green Realty revises 2020 FFO guidance[3]
Reported:
SL Green Realty revised its projected 2020 FFO per share to $6.60–$7.10, from prior guidance of $7.25–$7.35, and said it expects the COVID-19 pandemic to affect its business and the industry.
Sources3 sources
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