Press Release Details

New York, NY - November 14, 2011 - SL Green Realty Corp. (NYSE: SLG), New York City's largest owner of commercial office properties, and The Moinian Group, headed by national developer Joseph Moinian, today announced that they have formed a joint venture to recapitalize 180 Maiden Lane, a fully-leased, 1.1 million-square-foot Class A waterfront office tower in Downtown Manhattan's Financial District. The 41-story office tower, constructed in 1984 and designed by Swanke, Hayden, Connell, is the corporate headquarters to American International Group and its Chartis insurance subsidiary, as well as the law firm of Stroock Stroock and Lavan.

The recapitalization values the property at an unlevered cap rate of 7.1%, or $390 per square foot. SL Green's consideration for its 49.9 percent stake in the joint venture included $41.0 million in cash and operating partnership units valued at $31.7 million. Simultaneous with the closing of the recapitalization, the venture refinanced the existing $344.2 million indebtedness with a five-year $280-million mortgage with Bank of China and CIBC.

For SL Green, the transaction broadens its footprint in the rejuvenated Lower Manhattan market, which has been undergoing a dramatic transformation, including the now completed memorial featuring two cascading waterfalls with reflecting pools set within the footprints of the original Twin Towers, which will be among the most visited destinations in New York City, a $3.2 billion Calatrava designed transportation hub, and a revitalized South Street Seaport that is adjacent to the 180 Maiden Lane property.

New York's largest office landlord, which has a dominant presence in the Grand Central submarket and is otherwise a major owner of Midtown properties, has increased its activity as a strategic buyer, redeveloper and seller of Downtown properties over the past few years in order to take advantage of improving demand for space there. The most recent example is a highly successful repositioning and lease-up of 100 Church Street, which was acquired with 42% occupancy in January 2010 and which is currently over 82% leased. Other Lower Manhattan investments have included the successful repositioning and sale of 125 Broad Street, and current ownership of 388 - 390 Greenwich Street, corporate headquarters to Citigroup.

Marc Holliday, Chief Executive Officer of SL Green, said, "Building on our strong Midtown office presence, we are now very excited to invest in and operate a premier asset in the emerging Lower Manhattan market. This former 9-to-5 area has become a magnet for the City's economic growth. It is being transformed into a 24/7 submarket with the redevelopment of the local office sector, the additions of exciting new retail and residential activity, and growth in hospitality and tourism destinations that appeal to visitors from all over the world. This is coupled with the planned completion of a dramatically improved transit system. With the growing number of companies and their employees who want to be in the downtown market, SL Green saw an opportunity to become a more substantial local presence by acquiring one of the highest quality assets in the area."

He continued, "Joe Moinian has done a great job of positioning this particular asset, which is reflected in his ability to attract blue chip tenants including AIG and Stroock & Stroock & Lavan to the property. We also are pleased to expand our borrowing relationships with CIBC and with Bank of China, truly a lender of choice with whom we have been able to take advantage of several opportunities in the past couple of years."

"The Moinian Group is once again partnering with SL Green as part of our long-term strategy of recapitalizing the core assets of our New York City portfolio," said Joseph Moinian, CEO of The Moinian Group. "We are extremely gratified to once again work with such a strong partner in insuring the ongoing success of 180 Maiden Lane."

About SL Green
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2011, SL Green owned interests in 58 Manhattan properties totaling more than 35.3 million square feet. This included ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 9.5 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 465,000 square feet.

About The Moinian Group
The Moinian Group is widely regarded as one of the industry's most active development firms. It owns approximately 20 million square feet of property across the United States. Its team of seasoned professionals, hands-on management style and a strategic approach to investment and growth has armed the firm with the tools necessary to take advantage of the unique opportunities available in the real estate marketplace.

Forward-looking Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. All forward-looking statements speak only as of the date of this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the strength of the commercial office real estate markets in the New York metro area, reduced demand for office space, unanticipated increases in financing and other costs, competitive market conditions, unanticipated administrative costs, divergent interests from or the financial condition of our joint venture partners, 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, environmental, regulatory and/or safety requirements, and other factors, all of which are beyond the Company's control. Additional information or factors that could affect the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

For SL Green:
Andrew Mathias
President
-or-
Heidi Gillette
Director, Investor Relations
SL Green Realty Corp.
212-594-2700

For Moinian Group:
Roxanne Donovan
Great Ink Communications
212-741-2977