Press Release Details

NEW YORK, NY – June 27, 2006 – SL Green Realty Corp. (NYSE:SLG) announced today that it has entered into an agreement to sell 1140 Avenue of the Americas for $97.5 million, or approximately $510 per square foot, for the leasehold interest. Stellar Management is acquiring the property in a joint venture with its longtime partner Rockpoint Group. At closing, which is anticipated to occur in the 3rd quarter of 2006 subject to customary closing conditions, the company expects to recognize a gain in excess of $60 million.

Situated on the Northeast corner of Avenue of the Americas and 44th Street, 1140 Avenue of the Americas was acquired in 1997 as part of the company's initial public offering and is subject to a ground lease with an initial maturity of 2016. After employing an extensive repositioning campaign at the property, SL Green attracted and maintained a prominent boutique tenant roster at the Rockefeller Center asset. Currently, 1140 Avenue of the Americas is 98.6% occupied.

Andrew Mathias, Chief Investment Officer for SL Green, stated, "The dynamics of the Midtown Manhattan sales market have enabled us to realize substantial gains on our non-core investments. By harvesting the embedded gains in our portfolio and recycling this organic capital into superior quality assets with better tenant credit profiles, we expect to generate long-term earnings growth."

The CB Richard Ellis team of Darcy Stacom, Vice Chairman and Partner, and William Shanahan, Vice Chairman and Partner, acted as exclusive agents for SL Green.

About Stellar Management

Founded in 1985, Stellar Management is a privately held real estate owner operator based in New York City. Stellar owns approximately 16,500 multi-family apartment units and 2.5 million square feet of Class A office space in New York City, San Francisco and Washington, D.C. Currently, Stellar Management is investing $200 million in renovations to its properties throughout the country.

About SL Green Realty Corp.

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages a portfolio of Manhattan office properties. As of March 31, 2006, the Company owned 29 office properties totaling 18.6 million square feet. SL Green's retail space ownership totals 219,200 square feet at seven properties. The Company is the only publicly held REIT that specializes exclusively in this niche.

To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.

Forward-looking Information

This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, and other factors, which are beyond the Company's control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company's filing with the Securities and Exchange Commission.

CONTACT
Gregory F. Hughes
Chief Financial Officer
(212) 594-2700
or
Andrew Mathias
Chief Investment Officer
(212) 594-2700