About the Company
SL Green Realty Corp started as a REIT or a real estate investment trust. The US government wanted to increase investment in real estate during the 1970s, and a result, a lot of REITS were set up to allow ordinary people to invest in the real estate market. SL Green Realty Corp was an offshoot of this government measure. Stephen L. Green founded the company as SL Green Properties in 1980. The company has its headquarters in New York City. As of 2019, this company has over 1000 employees. It is popularly known as the “landlord of New York.”
SL Green Realty Corp has operations in two broad dimensions. These are real estate, and debt and equity investments. Through its real estate division, it holds a stake in 93 buildings. The total square feet owned of these 93 buildings rounds up to 40.6 million. It owns several million square feet of Manhattan buildings and 15 prime retail properties that cover approximately 0.7 million square feet. SL Green Realty Corp also owns 10.3 million square feet in preferred equity investments and debt. This company is engaged in the acquisition and development of property along with ownership and management of the same. It primarily deals with office properties located in the New York metropolitan area.
Some of the properties owned by SL Green Realty Corp include Random House Tower, Pershing Square Building, One Vanderbilt, 810 Seventh Avenue, One Astor Plaza, 461 Fifth Avenue, etc. This company has made many acquisitions during its history. Some of the more notable acquisitions are Astor Plaza in 2002 for close to $500 million. In 2003, it acquired 461 Fifth Avenue for around $100.3 million. 2005 saw the company acquire Metropolitan Life Insurance Company Tower for $916 million which it later converted to condominiums. Later, in the following year, it acquired Reckson Associates in a $4 billion transaction. The company has also sold off many properties. Some of them include the Whitehall Building in 2000 and The Knickerbocker Hotel in 2004. In 2011, it sold off One Court Square in Long Island City in Queens. In 2017, it sold the Montague Court Building for $170 million. SL Green Realty Corp shares trade on the New York Stock Exchange under the ticker symbol “SLG.”;
Organisation | SL Green Realty Corp |
Industry | REIT—Office |
HeadQuarters | New York, NY |