SL Green Realty
{{Short description|American real estate investment firm}}
{{Infobox company
| name = SL Green Realty Corp.
| logo = 250px
| type = Public company
| traded_as = {{ubl|{{NYSE|SLG}}|S&P 600 component}}
| founded = {{Start date and age|1997}}
| founder = Stephen L. Green
| location_city = {{nowrap|New York City, New York, U.S.}}
| industry = Real estate investment trust
| key_people = Marc Holliday, Chairman & CEO
Andrew W. Mathias, President
Matthew J. DiLiberto, CFO
| revenue = {{increase}} {{US$|1.24 billion|link=yes}} (2019)
| net_income = {{increase}} US$0.255 billion (2019)
| assets = {{increase}} US$12.77 billion (2019)
| equity = {{decrease}} US$5.52 billion (2019)
| num_employees = 1,033 (2019)
| website = {{URL|slgreen.com}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1040971/000104097120000006/a19q4slg10kdoc.htm | title=SL Green Realty Corp. 2019 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
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, 2019, the company owned 43 properties comprising 14,438,964 square feet, and was reported to be "New York City’s largest office landlord".{{Cite news |last=Haag |first=Matthew |date=2023-04-25 |title=A Bleak Outlook for Manhattan's Office Space May Signal a Bigger Problem |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/04/25/nyregion/office-landlords-nyc.html |access-date=2023-04-26 |issn=0362-4331 |quote=In the latest snapshot of the nation’s most significant office market, New York City’s largest office landlord, SL Green Realty Corporation, revealed that more of its properties lost tenants during the first months of 2023.}}
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.
History
The company's predecessor, S.L. Green Properties, Inc., was formed in 1980 by Stephen L. Green. In 1997, the company was formed as a successor.
In 2000, the company sold the Whitehall Building.{{Cite news | url=https://www.nytimes.com/2000/09/22/nyregion/metro-business-broadway-building-is-sold.html | title=Metro Business; Broadway Building Is Sold | agency=Bloomberg News | work=The New York Times | date=September 22, 2000 | issn=0362-4331}} In 2002, in partnership with SITQ, the company acquired One Astor Plaza for $483.5 million.{{cite web | url=https://therealdeal.com/new-research/topics/property/1515-broadway/ | title=1515 BROADWAY | work=The Real Deal| date=13 March 2019 }}
In 2003, the company acquired 461 Fifth Avenue for $100.3 million.{{cite press release | url =https://www.businesswire.com/news/home/20030721005818/en/SL-Green-Realty-Corp.-Announces-Agreement-Acquire | title=SL Green Realty Corp. Announces Agreement to Acquire 461 Fifth Avenue for $62.3 Million | publisher=Business Wire | date=July 21, 2003}} In November 2004, the company sold The Knickerbocker Hotel in Manhattan for $160 million.{{cite news | url=https://www.nysun.com/real-estate/condos-new-retail-to-be-added-to-times-square-mix/31293/ | title=Condos, New Retail To Be Added to Times Square Mix | first=Michael | last=Stoler | work=The New York Sun | date=April 20, 2006}} In 2005, the company acquired the Metropolitan Life Insurance Company Tower for $916 million and converted the building into condominiums.{{cite news | url=https://www.nytimes.com/2005/03/31/nyregion/1-billion-deal-turns-metlife-into-condos.html | title=$1 Billion Deal Turns MetLife Into Condos | first=Thomas J. | last=Lueck | work=The New York Times | date=March 31, 2005 | url-access=subscription}}
In 2006, the company acquired Reckson Associates in a $4 billion transaction.{{cite news | url=https://www.nytimes.com/2006/08/04/realestate/04realty.html | title=SL Green Acquires Reckson Associates for $4 Billion | first=Claudia H. | last=Deutsch | work=The New York Times | date=August 4, 2006 | url-access=subscription}} In December 2007, the company acquired 388 Greenwich Street from Citigroup in a leaseback transaction.{{cite news | url=https://therealdeal.com/2016/06/13/citigroup-closes-on-1-8b-repurchase-of-tribeca-hq-from-sl-green/ | title=Citigroup closes on $1.8B buy of Tribeca HQ from SL Green | first=Konrad | last=Putzier | work=The Real Deal | date=June 13, 2016}} Citigroup reacquired the building in 2016.{{cite press release | url=https://www.businesswire.com/news/home/20160420005144/en/SL-Green-Citi-Reach-Agreement-Early-Purchase | title=SL Green & Citi Reach Agreement on Early Purchase of 388-390 Greenwich Street | publisher=Business Wire | date=April 20, 2016}}
In 2010, the company acquired the Pershing Square Building from Shorenstein Properties for $330 million.{{cite news | url=https://www.bloomberg.com/news/articles/2010-05-07/sl-green-said-to-agree-to-buy-park-avenue-tower-in-nyc-for-330-million | title=SL Green Said to Buy Park Avenue Office Tower for $330 Million | first=Dan | last=Levy | work=Bloomberg News | date=May 7, 2010 | url-access=subscription}} In 2011, the company sold One Court Square in Long Island City, Queens to David Werner and Joel Schreiber for $481 million{{Cite news | first=Konrad | last=Putzier | title=The story of WeWork's mysterious first investor | work=The Real Deal | date=December 1, 2017 | url=https://therealdeal.com/issues_articles/the-story-of-weworks-mysterious-first-investor/}}{{cite news | url=https://therealdeal.com/2011/11/09/israeli-investors-purchase-sl-green-s-one-court-square-in-long-island-city/ | title=SL Green's One Court Square purchased by Israeli investors | work=The Real Deal | date=November 9, 2011}}
In August 2017, the company sold the Montague-Court Building for $171.0 million. The company had bought the property for $107.5 million in 2007 and made significant upgrades.{{cite press release | url=https://www.businesswire.com/news/home/20170810005272/en/SL-Green-Announces-Sale-16-Court-Street | title=SL Green Announces Sale of 16 Court Street in Brooklyn, NY | publisher=Business Wire | date=August 10, 2017}} 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.{{Cite news | url=https://therealdeal.com/2018/11/30/sl-green-invests-148m-for-stake-in-245-park-avenue | title=SL Green invests $148M for stake in HNA's 245 Park Avenue | work=The Real Deal | date=November 30, 2018}}
Buildings
Notable buildings managed by SL Green Realty include:
References
{{reflist}}
External links
- [https://slgreen.com/ Official Website]
- [https://wellhoener.immobilien/ Property Management]
- {{Finance links
| name = SL Green Realty Corp.
| google = SLG
| yahoo = SLG
| bloomberg = SLG:US
| symbol = SLG
| sec_cik = SLG
}}
{{Authority control}}
Category:1997 initial public offerings
Category:Publicly traded companies based in New York City
Category:Companies listed on the New York Stock Exchange
Category:Property management companies