NEW YORK CITY—Stephen L. Green, the founder and chairman of the board of SL Green Realty Corp. announced that after 20 years he will be stepping down as chairman. Green, who is 80 years old, will transition to chairman emeritus. Marc Holliday, 51 years old, will succeed Green as chairman, in addition to remaining CEO. This information was made public in a proxy statement filed with the US Securities and Exchange Commission on April 30, 2018.
In a public statement, Holliday describes Green as a mentor, partner and friend. He notes Green had the vision to pursue the first REIT focused solely on New York City commercial real estate. He says Green's foresight in revitalizing buildings across Midtown played a vital role in the city's rebirth.
Green started S.L. Green Properties, Inc. in 1980. The company focused on buying mid-tier office buildings, renovating them to bring them closer to Class A buildings, then raising rents. This is now a common real estate practice of repositioning buildings and investing in value-add properties. Since 1997 Green has served as chairman of the company's successor, SL Green Realty Corp., which also went public that year.
According to its website, as of March 31, 2018, SL Green holds interests in 118 Manhattan buildings totaling almost 50 million square feet. This includes many noteworthy properties such as 1515 Broadway, 280 Park Ave., 100 Park Ave., 625 Madison Ave. and 11 Madison Ave. The firm also owns 37 million square feet of real estate in Brooklyn, Long Island, Westchester County and CT.
SL Green's property receiving the most attention these days is the $3.1 billion, 1,401-foot skyscraper at One Vanderbilt. The office tower which is part of current construction redefining Manhattan's skyline is currently 31% leased. It is scheduled to open in 2020.
Holliday joined the company as chief investment officer in 1998 and has been the CEO since 2004. On the website, he describes the early days of SL Green as the underdog, building their portfolio one building at a time. In terms of the company's growth, Holliday says One Vanderbilt is the greatest expression of everything right SL Green could do in a development in a partnership with the City of New York. He describes the project as a legacy the firm will leave behind for centuries.
In his statement regarding Green's retirement and his real estate insights, Holliday says, “He is stepping down at a moment when that vision is being realized like never before, with massive investment in East Midtown fueling another generation of economic growth. While we will miss his presence on a day-to-day basis, Steve's DNA is all over this company and his legacy will last forever in New York.”
As a self-described born and bred New Yorker, Holliday has often expressed his belief in the strength of New York real estate, as the best market in the US.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
