Press Release Details

Second Quarter Highlights

Summary
New York, NY, July 28, 2008 - SL Green Realty Corp. (NYSE: SLG) today reported funds from operations available to common stockholders, or FFO, of $122.0 million, or $2.00 per share (diluted), for the second quarter ended June 30, 2008, an increase of 58.7% compared to the same quarter in 2007, which was $1.26 per share (diluted). The 2008 results included an incentive distribution of approximately $25.0 million ($0.41 per share (diluted)) from the sale of 1250 Broadway. The Company also reported FFO of $3.43 per share (diluted) for the six months ended June 30, 2008, a 4.9% increase over the same period in 2007, which was $3.27 per share (diluted). The six month 2007 results include an incentive distribution of $77.2 million ($1.27 per share (diluted)) from the sale of One Park Avenue.

Net income available to common stockholders totaled $138.9 million, or $2.37 per share, (diluted) for the second quarter and $264.8 million, or $4.51 per share (diluted) for the six months ended June 30, 2008, compared to $265.9 million and $413.3 million for the respective periods in 2007. The results for the three and six months ended June 30, 2008 include gains on sale of $1.53 per share (diluted) and $3.33 per share (diluted), respectively, compared to gains on sale of $3.98 per share (diluted) and $5.31 per share (diluted) for the same periods in 2007.

Operating and Leasing Activity
For the second quarter of 2008, the Company reported revenues and EBITDA of $305.8 million and $192.3 million, respectively, increases of $54.0 million, or 21.4%, and $47.1 million, or 32.4%, respectively, compared to the same period in 2007. During the quarter, the Company had strong leasing activity at 1185 Avenue of the Americas, 711 Third Avenue, 420 Lexington Avenue and 750 Third Avenue. Same-store GAAP NOI on a combined basis increased by 8.9% for the second quarter when compared to the same quarter in 2007, with the consolidated properties increasing 9.2% to $111.6 million and the unconsolidated joint venture properties increasing 7.9% to $31.2 million.

Average starting Manhattan office rents of $65.89 per rentable square foot for the second quarter represented a 53.5% increase over the previously fully escalated rents.

Occupancy for the Manhattan portfolio increased from 96.3% at March 31, 2008 to 96.7% at June 30, 2008. During the quarter, the Company signed 52 leases in the Manhattan portfolio totaling 451,365 square feet, of which 42 leases and 431,345 square feet represented office leases.

Average starting Suburban office rents of $38.64 per rentable square foot for the second quarter represented a 23.7% increase over the previously fully escalated rents.

Occupancy for the Suburban portfolio decreased modestly from 91.9% at March 31, 2008 to 91.8% at June 30, 2008. During the quarter, the Company signed 25 leases in the Suburban portfolio totaling 75,625 square feet, of which 24 leases and 75,491 square feet represented office leases.

Significant leasing activities during the second quarter included:

• Early renewal with Parade Publications, Inc. for approximately 89,413 square feet at 711 Third Avenue.
• New lease with News America, Inc. for approximately 83,822 square feet at 1185 Avenue of the Americas.
• New lease with RSM McGladrey, Inc. for approximately 27,508 square feet at 1185 Avenue of the Americas.
• Early renewal with Hess Corp. Amerada for approximately 27,508 square feet at 1185 Avenue of the Americas.
• Early renewal with Greenwich Hospital for approximately 16,230 square feet at 500 West Putnam, Greenwich CT.

Real Estate Investment Activity
In May 2008, SL Green, along with its joint venture partner SITQ, closed on the sale of the 39-story, 670,000 square foot Class A office tower located at 1250 Broadway in Manhattan to an entity affiliated with Murray Hill Properties for $310.0 million. The Company recognized an incentive distribution of approximately $25.0 million in addition to SL Green's share of the gain on sale of approximately $93.5 million.

During the second quarter of 2008, SL Green, along with its joint venture partner NYSTERS, acquired various interests in the fee positions at 919 Third Avenue for approximately $32.8 million increasing the joint venture's ownership to 100% of the fee interest.

Financing and Capital Activity
The Company acquired $29.4 million of its common stock at an average share price of $85.38 since April 1, 2008 pursuant to its previously announced $300.0 million stock repurchase program. The Company has now acquired approximately $230.0 million of its common stock at an average share price of $102.19.

The Company closed on a $55.0 million construction loan facility for the build-out of 27-29 West 34th Street. The loan bears interest at 200 basis points over the 30-day LIBOR. The interest rate decreases to 165 basis points over the 30-day LIBOR upon rent commencement, at which point the final advance of approximately $7.6 million is expected to be funded. The loan has a three-year term and two one-year extensions. The joint venture drew down approximately $34.0 million at the closing.

Structured Finance Activity
The Company's structured finance investments totaled $839.8 million on June 30, 2008, an increase of approximately $63.3 million from the balance at March 31, 2008. During the second quarter of 2008, the Company originated approximately $65.1 million of structured finance investments which carry a weighted average spread to LIBOR of approximately 452 basis points. During the second quarter of 2008, the Company recorded $6.0 million in reserves against specific structured finance investments. The structured finance investments currently have a weighted average maturity of 5.6 years and a weighted average yield for the quarter ended June 30, 2008 of 9.71%.

Investment In Gramercy Capital Corp.
At June 30, 2008, the book value of the Company's investment in Gramercy totaled $149.9 million. Fees earned from various management arrangements between the Company and Gramercy totaled approximately $11.7 million for the quarter ended June 30, 2008, including an incentive fee of $2.6 million earned as a result of Gramercy's FFO (as defined in Gramercy's management agreement) exceeding the 9.5% annual return on equity performance threshold. For the six months ended June 30, 2008, the Company earned $21.4 million in management fees from Gramercy. The Company's share of FFO generated from its investment in Gramercy totaled approximately $5.1 million and $10.4 million for the three and six months ended June 30, 2008, respectively, compared to $5.6 million and $10.5 million for the same periods in the prior year.

In April 2008, Gramercy closed on its acquisition of American Financial Realty Trust (NYSE:AFR). SL Green participated in $50.0 million of the financing to Gramercy for the closing of the acquisition. SL Green also recognized approximately $6.6 million as an advisory fee in connection with this transaction, which was paid in restricted common stock of Gramercy. As of June 30, 2008, the Company held 8,119,370 shares, or approximately 15.8%, of Gramercy's common stock.

The Company's marketing, general and administrative, or MG&A, expenses include the consolidation of the expenses of its subsidiary GKK Manager LLC, the entity which manages and advises Gramercy. For the quarter ended June 30, 2008, the Company's MG&A included approximately $7.0 million of costs associated with Gramercy compared to $3.4 million in the prior year. This increase is primarily due to personnel hired in connection with the AFR acquisition which added approximately $3.0 million of MG&A for the quarter. MG&A also includes a non-recurring expense of approximately $2.0 million for costs incurred in connection with the pursuit of redevelopment projects.

Dividends
During the second quarter of 2008, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

• $0.7875 per share of common stock. Dividends were paid on July 15, 2008 to stockholders of record on the close of business on June 30, 2008.
• $0.4766 and $0.4922 per share on the Company's Series C and D Preferred Stock, respectively, for the period April 15, 2008 through and including July 14, 2008. Distributions were made on July 15, 2008 to stockholders of record on the close of business on June 30, 2008. Distributions reflect regular quarterly distributions, which are the equivalent of an annualized distribution of $1.90625 and $1.96875, respectively.

Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio web cast on Tuesday, July 29, 2008 at 2:00 pm EST to discuss second quarter 2008 financial results. The Supplemental Package will be available prior to the quarterly conference call on the Company's web site.

The live conference will be webcast in listen-only mode on the Company's web site at www.slgreen.com and on Thomson's StreetEvents Network. The conference may also be accessed by dialing (866) 270-6057 Domestic or (617) 213-8891 International, using passcode SL Green.

A replay of the call will be available through Tuesday, August 5, 2008 by dialing (888) 286-8010 Domestic or (617) 801-6888 International, using passcode 67260136.

Supplemental Information
The Supplemental Package outlining second quarter 2008 financial results will be available prior to the quarterly conference call on the Company's website.

Company Profile
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of June 30, 2008, the Company owned 30 New York City office properties totaling approximately 23,719,200 square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, two development properties encompassing approximately 363,000 square feet and two land interests, along with ownership interests in 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

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.

Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found on page 8 and 10 of this release and in the Company's Supplemental Package.

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, reduced demand for office space, unanticipated increases in financing and other costs, 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, environmental, regulatory and/or safety requirements, 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 filings with the Securities and Exchange Commission.

CONTACT
Gregory F. Hughes
Chief Operating Officer and
Chief Financial Officer
(212) 594-2700
or
Heidi Gillette
Investor Relations
(212) 216-1601