Press Release Details

New York, NY - July 23, 2014 - SL Green Realty Corp. (NYSE: SLG), today announced three separate agreements to sell its Manhattan assets located at 2 Herald Square, 180 Broadway, and 985-987 Third Avenue which will generate net cash proceeds to the Company of $240 million.

The Company will sell the leased fee interest in 2 Herald Square for $365.0 million. The sale of the leased fee interest, which is improved with an existing 11-story 365,000 square foot commercial office building, is expected to close during the fourth quarter of 2014.

SL Green, with its partner Jeff Sutton, have reached an agreement to sell all their interests, including their fee position and retail condominium unit, in a mixed-use college dormitory/retail asset at 180 Broadway for $222.5 million. This transaction is expected to close during the third quarter of 2014.

Also, today SL Green closed on the sale of its development properties at 985-987 Third Avenue for $68.7 million. The sale was made in conjunction with the sale of an adjacent parcel, which the Company did not own. The total amount paid for the combined development site, plus development rights, was $100.0 million.

Andrew Mathias, President of SL Green, stated, "While the strategic approach for each of these investments varied, we had one goal in mind: creating shareholder value. I am very pleased to say that with each of these transactions, we've successfully demonstrated our ability to identify, create, and harvest significant value. Our combined IRR across these three deals is in excess of 21%."

SL Green acquired the leased fee interest in 2 Herald Square in a joint venture partnership in 2007 and fully consolidated its position in 2010. Steven Kohn of Cushman & Wakefield represented SL Green in this transaction.

180 Broadway is a 24-story mixed-use property situated in the heart of downtown Manhattan adjacent to the Fulton Street transit hub. SL Green and its partner developed 180 Broadway from the ground up for Pace University. The property features three floors of retail space, leased to Urban Outfitters and TD Bank, as well as Pace's ground lease condominium unit containing dormitory rooms serving the needs of up to 608 Pace University students. Adam Spies of Eastdil Secured acted on behalf of SL Green in this transaction.

In December 2012, SL Green acquired 985-987 Third Avenue, located on Third Avenue between 58th and 59th Streets on Manhattan's Upper East Side. After subsequently acquiring development rights from neighboring properties in separate transactions in 2013 and 2014, the Company then joined with the neighboring owner to market the combined properties in creating a compelling retail/residential development opportunity. Robert Knakal of Massey Knakal acted on behalf of the sellers.

About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2014, SL Green held interests in 95 Manhattan buildings totaling 45.1 million square feet. This included ownership interests in 28.4 million square feet of commercial buildings and debt and preferred equity investments secured by 16.7 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.

Forward-looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

Contact:
Andrew Mathias
President
-or-
Heidi Gillette
Director, Investor Relations
212.594.2700