Holliday joined the locally based company in 1998 as chief investment officer and has served as president since 2001. Green credits Holliday with helping the company grow and lead the industry in performance. "Since Marc's arrival at SL Green, I have witnessed his transformation from a great 'deal man' to an outstanding leader who commands the total respect of both our internal staff and the outside real estate community," Green says in a statement. "I have no doubt that in his new role he will lead SL Green to new benchmarks and continue our tradition as an industry leader."

During his tenure at SL Green, Holliday has developed the company's focused business strategy which included repositioning and strategically upgrading the portfolio to larger avenue properties with higher quality tenants, while driving strong earnings performance and growth in shareholder value. Also during this time, SL Green has grown to one of the largest owners of office properties in Manhattan, with ownership interests in 26 buildings comprising more than 15 million sf.

In connection with his promotion, the company has amended his employment agreement to extend through January 2010. He will receive an additional 270,000 restricted shares of SL Green common stock plus a 40% gross-up for income taxes. Of these shares, 95,000 will be vested immediately and be non-transferable for two years. The balance of the restricted shares will vest over the remaining term of the employment agreement subject to achieving certain time and performance criteria, according to the company.