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SL Green Realty Corp. (symbol: SLG) is a leading real estate investment trust (REIT) and the largest office landlord in New York City. As of December 31, 2023, the company holds interests in 58 buildings, totaling 32.5 million square feet of premier Manhattan office space. This includes 28.8 million square feet in wholly-owned properties and 2.8 million square feet securing debt and preferred equity investments.
Founded with a focus on acquiring, managing, and maximizing the value of Manhattan commercial properties, SL Green continues to set the standard in property management and development. The company has recently unveiled transformative projects such as Le Jardin sur Madison and La Tête d’Or by Daniel at One Madison Avenue, a significant new office development in Midtown South. These spaces were designed by the renowned architect David Rockwell and famed chef Daniel Boulud, enriching the building's amenities and offering unique dining and event options.
SL Green Realty Corp. has a diversified portfolio that includes high-quality retail spaces alongside its office holdings. The company constantly seeks to enhance its asset value through strategic acquisitions, development, and leasing activities. Their properties are home to numerous high-profile tenants, which underscores their strong market position and capacity for sustained growth.
Financially, SL Green continues to demonstrate robust performance. The company recently increased its 2024 earnings guidance and holds a positive outlook for its future financial health. SL Green is also committed to sustainability and has been recognized with several awards for its environmental initiatives, including the 2024 ENERGY STAR Partner of the Year Sustained Excellence Award and being featured on the Sustainalytics 2024 ESG Top-Rated Companies List.
Additionally, SL Green maintains strategic partnerships with top companies in various industries, bolstering its market presence and operational efficiency. The company frequently updates investors and stakeholders through regular conference calls, with the next one scheduled for April 18, 2024, at 2:00pm ET.
SL Green Realty Corp. remains dedicated to delivering value to its shareholders through proactive asset management, strategic growth initiatives, and a commitment to sustainability.
SL Green Realty Corp. announced that Kyndryl signed a 22,531-square-foot, 9-year lease at One Vanderbilt Avenue, marking the building's occupancy at 81%. This new lease comes as Kyndryl prepares for its separation from IBM, expected by the end of 2021. One Vanderbilt is designed to attract leading companies due to its amenities and sustainable practices, aiming for 90% occupancy by year-end. As of March 31, 2021, SL Green held interests in 84 buildings totaling 37.8 million square feet.
SL Green Realty Corp. (NYSE:SLG) announces the departure of Chief Investment Officer David Schonbraun, effective by the end of Q2 2021. After 19 years, Schonbraun plans to explore new opportunities amidst a changing commercial real estate landscape. He played a significant role in the company’s growth and investment strategy. The firm's 2021 investment strategy, including asset sales, joint ventures, and stock buybacks, will now be managed by Brett Herschenfeld, Robert Schiffer, and Harrison Sitomer. As of March 31, 2021, SL Green manages interests in 84 buildings totaling 37.8 million square feet.
SL Green Realty Corp. (NYSE: SLG) announced plans for Summit One Vanderbilt, a new immersive observatory and experience located atop the 1,401-foot One Vanderbilt tower in Manhattan. Opening on October 21, this 65,000-square-foot space features interactive elements, stunning views, and unique culinary offerings by Danny Meyer’s Union Square Events. The project is part of a $3.3 billion development and aims to redefine visitor experiences in New York City. With sustainable features and cutting-edge technology, it anticipates attracting both locals and tourists as the city rebounds from the pandemic.
SL Green Realty Corp. (NYSE: SLG) announced three new leases at One Vanderbilt Avenue, adding to the building's leasing momentum. MSD Partners, Mamoura Holdings, and Nearwater Management signed leases covering 35,567 sq. ft., 28,448 sq. ft., and 17,289 sq. ft. respectively. Now 79% leased, One Vanderbilt is a key player in Manhattan's office market with its prime location and amenities. The building has signed 11 new leases since the pandemic began, reflecting strong demand for modern office spaces in New York City.
SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, declared a monthly dividend of $0.3033 per share, payable on May 17, 2021. Shareholders of record by April 30, 2021 will receive the dividend in cash. As of March 31, 2021, the company held interests in 84 buildings totaling 37.8 million square feet, focusing on maximizing value in Manhattan commercial properties.
SL Green Realty Corp. reported a net loss of $(7.5) million, or $(0.11) per share, for Q1 2021, compared to a net income of $114.8 million, or $1.51 per share, in Q1 2020. Funds from operations (FFO) decreased to $128.3 million, or $1.73 per share, down from $172.0 million, or $2.08 per share, year-over-year. The company signed 21 office leases for a total of 352,752 sq. ft. in Manhattan, with occupancy at 94.2%. Significant asset sales are underway, including a 20% interest in 605 West 42nd Street, valued at $858.1 million.
SL Green Realty Corp. (NYSE:SLG) has contracted to sell its 20% interest in 605 West 42nd Street, valued at $858.1 million, and its interest in 400 East 57th Street for $133.5 million. The sales are expected to close in Q2 and Q3 of 2021, respectively. The Sky property is 90% occupied and includes affordable housing units, while 400 East 57th Street is 70% occupied. The transactions are projected to generate net cash proceeds of approximately $53 million and $18 million, respectively, as SL Green continues its strategy to divest non-core assets and reinvest in growth opportunities.
SL Green Realty Corp. (NYSE: SLG) has signed a 15-year lease with British jeweler Vashi for an 11,777 square foot retail space at 110 Greene Street in SoHo, marking Vashi's first U.S. location. This lease represents one of SL Green's most significant retail signings in 2021, indicating a positive outlook on New York City's recovery post-pandemic. The space offers high visibility on prominent retail streets and contributes to SL Green's extensive portfolio, which includes interests in 84 buildings totaling 37.8 million square feet as of March 31, 2021.
SL Green Realty Corp. (NYSE:SLG) has achieved the WELL Health-Safety Rating for its entire 23 million square foot core portfolio, including One Vanderbilt Avenue, following its recent headquarters relocation. This evidence-based rating from the International WELL Building Institute validates SL Green’s operational response to COVID-19, enhancing health standards and tenant confidence. The initiatives include improved cleaning, air quality management, and stakeholder engagement, forming part of SL Green Forward, their comprehensive COVID-19 strategy to ensure safety for tenants and visitors.
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