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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2013	Apr. 30, 2013
Document and Entity Information
Entity Registrant Name	RECKSON OPERATING PARTNERSHIP LP
Entity Central Index Key	0000930810
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		0
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Commercial real estate properties, at cost:
Land and land interests	$ 954,731	$ 954,731
Building and improvements	3,653,748	3,646,736
Building leasehold and improvements	782,260	782,260
Property under capital lease	19,047	12,208
Commercial real estate properties, gross	5,409,786	5,395,935
Less: accumulated depreciation	(776,770)	(742,659)
Total commercial real estate properties, net	4,633,016	4,653,276
Cash and cash equivalents	29,538	34,035
Restricted cash	21,273	21,074
Tenant and other receivables, net of allowance of $7,067 and $7,308 in 2013 and 2012, respectively	13,909	13,147
Deferred rents receivable, net of allowance of $15,712 and $16,501 in 2013 and 2012, respectively	154,672	150,535
Preferred equity and other investment	366,811	340,885
Deferred costs, net of accumulated amortization of $43,827 and $40,303 in 2013 and 2012, respectively	88,759	91,400
Other assets	109,729	94,210
Total assets	5,417,707	5,398,562
Liabilities
Mortgage note and other loans payable	550,023	550,023
Revolving credit facility	30,000	70,000
Term loan and senior unsecured notes	1,430,716	1,430,690
Accrued interest payable and other liabilities	22,416	25,366
Accounts payable and accrued expenses	42,004	50,692
Deferred revenue	172,199	176,120
Capitalized lease obligation	23,025	17,186
Deferred land leases payable	19,328	20,566
Security deposits	18,458	18,411
Total liabilities	2,308,169	2,359,054
Commitments and contingencies
Capital
General partner capital	2,758,678	2,686,766
Limited partner capital
Accumulated other comprehensive loss	(4,716)	(4,925)
Total ROP partner's capital	2,753,962	2,681,841
Noncontrolling interests in other partnerships	355,576	357,667
Total capital	3,109,538	3,039,508
Total liabilities and capital	$ 5,417,707	$ 5,398,562

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Consolidated Balance Sheets
Tenant and other receivables, allowance	$ 7,067	$ 7,308
Deferred rents receivable, allowance	15,712	16,501
Deferred costs, accumulated amortization	$ 43,827	$ 40,303

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues
Rental revenue, net	$ 113,377	$ 106,729
Escalation and reimbursement	18,524	19,144
Investment and preferred equity income	9,465
Other income	1,983	959
Total revenues	143,349	126,832
Expenses
Operating expenses, including $4,495 (2013) and $3,914 (2012) paid to related parties	31,424	29,269
Real estate taxes	23,600	22,148
Ground rent	5,772	3,645
Interest expense, net of interest income	26,729	27,894
Amortization of deferred financing costs	1,298	1,359
Depreciation and amortization	37,165	34,246
Loan loss reserves, net of recoveries		(472)
Transaction related costs	11
Marketing, general and administrative	66	5
Total expenses	126,065	118,094
Income from continuing operations before equity in net income from unconsolidated joint venture, loss on early extinguishment of debt and noncontrolling interests	17,284	8,738
Equity in net income from unconsolidated joint venture	366	126
Loss on early extinguishment of debt	(66)
Net income	17,584	8,864
Net income attributable to noncontrolling interests in other partnerships	(1,513)	(1,373)
Net income attributable to ROP common unitholder	16,071	7,491
Other comprehensive income:
Net unrealized loss on derivative instruments	(38)	(104)
Reclassification of net realized loss on derivatives designated as cashflow hedges into interest expense	247	244
Comprehensive income attributable to ROP common unitholder	$ 16,280	$ 7,631

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Consolidated Statements of Comprehensive Income
Operating expenses, paid to related parties	$ 4,495	$ 3,914

Consolidated Statement of Capital $ in Thousands	3 Months Ended
Consolidated Statement of Capital $ in Thousands	Mar. 31, 2013 USD ($)
Increase (Decrease) in Partners' Capital
Balance	$ 3,039,508
Contributions	340,040
Distributions	(287,803)
Net income	17,584
Other comprehensive income	209
Balance	3,109,538
General Partner's Capital \| Class A Common Units
Increase (Decrease) in Partners' Capital
Balance	2,686,766
Contributions	340,040
Distributions	(284,199)
Net income	16,071
Balance	2,758,678
Noncontrolling Interests In Other Partnerships
Increase (Decrease) in Partners' Capital
Balance	357,667
Distributions	(3,604)
Net income	1,513
Balance	355,576
Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital
Balance	(4,925)
Other comprehensive income	209
Balance	$ (4,716)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Operating Activities
Net income	$ 17,584	$ 8,864
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38,463	35,605
Equity in net income from unconsolidated joint venture	(366)	(126)
Distributions of cumulative earnings from unconsolidated joint venture	84	126
Loss on early extinguishment of debt	66
Loan loss reserves, net of recoveries		(472)
Deferred rents receivable	(3,873)	(6,083)
Other non-cash adjustments	(11,171)	(3,365)
Changes in operating assets and liabilities:
Restricted cash-operations	(199)	(522)
Tenant and other receivables	(521)	947
Deferred lease costs	(1,773)	(787)
Other assets	(24,877)	(17,837)
Accounts payable, accrued expenses and other liabilities	(6,840)	(2,378)
Deferred revenue and land leases payable	6,896	3,121
Net cash provided by operating activities	13,473	17,093
Investing Activities
Additions to land, buildings and improvements	(9,480)	(11,700)
Restricted cash-capital improvements		(956)
Distributions in excess of cumulative earnings from unconsolidated joint venture		152
Preferred equity and other investment, net of repayments	(20,685)	777
Net cash used in investing activities	(30,165)	(11,727)
Financing Activities
Repayments of mortgage note and other loans payable		(631)
Proceeds from credit facility and senior unsecured notes	155,000	300,000
Repayments of credit facility and senior unsecured notes	(195,000)	(250,300)
Contributions from common unitholder	340,040	375,844
Distributions to noncontrolling interests in other partnerships	(3,604)	(4,520)
Distributions to common unitholder	(284,199)	(432,916)
Deferred loan costs and capitalized lease obligation	(42)	(204)
Net cash provided by (used in) financing activities	12,195	(12,727)
Net decrease in cash and cash equivalents	(4,497)	(7,361)
Cash and cash equivalents at beginning of period	34,035	26,645
Cash and cash equivalents at end of period	$ 29,538	$ 19,284

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2013

Organization and Basis of Presentation

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Reckson Operating Partnership, L.P., or ROP, commenced operations on June 2, 1995. The sole general partner of ROP is a wholly-owned subsidiary of SL Green Operating Partnership, L.P., or the Operating Partnership. The sole limited partner of ROP is the Operating Partnership.

ROP is engaged in the acquisition, ownership, management and operation of commercial real estate properties, principally office properties, and also owns land for future development located in the New York City, Westchester County and Connecticut, which collectively is also known as the New York Metropolitan area.

SL Green Realty Corp., or SL Green, and the Operating Partnership were formed in June 1997. SL Green has qualified, and expects to qualify in the current fiscal year as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to “we,” “our,” “us” and the “Company” means ROP and all entities owned or controlled by ROP.

On January 25, 2007, SL Green completed the acquisition of all of the outstanding shares of common stock of Reckson Associates Realty Corp., or RARC, the prior general partner of ROP. This transaction is referred to herein as the Merger.

In connection with the closing of our 2011 revolving credit facility and 2012 credit facility, in which we, along with SL Green and the Operating Partnership are borrowers, SL Green transferred five properties, with total assets aggregating to $683.8 million at November 1, 2011 and transferred three additional properties, with total assets aggregating to $320.2 million at December 31, 2012, to ROP. Under the Business Combinations guidance, these were determined to be transfers of businesses between the indirect parent company and its wholly-owned subsidiary. As such, the assets and liabilities were transferred at their carrying value. These transfers are required to be recorded as of the beginning of the current reporting period as though the assets and liabilities had been transferred at that date. The financial statements and financial information presented for all prior periods have been retrospectively adjusted to furnish comparative information.

On September 30, 2012, SL Green transferred $324.9 million of its preferred equity investments to ROP, one of which was subject to a secured $50.0 million loan. Under the Business Combinations guidance, these transfers were determined to be transfers of assets between the indirect parent company and its wholly-owned subsidiary. As such, the assets were transferred at their carrying value and accounted for prospectively from the date of transfer.

As of March 31, 2013, we owned the following interests in commercial office properties in the New York Metropolitan area, primarily in midtown Manhattan, a borough of New York City. Our investments in the New York Metropolitan area also include investments in Westchester County and Connecticut, which are collectively known as the Suburban assets:

Location	Ownership	Number of Properties	Square Feet	Weighted Average Occupancy (1)
Manhattan	Consolidated properties	13	7,201,400	95.9	%

Suburban	Consolidated properties	17	2,785,500	77.5	%
		30	9,986,900	90.8	%

(1) The weighted average occupancy represents the total leased square feet divided by total available rentable square feet.

At March 31, 2013, we also own a development property encompassing approximately 104,000 square feet as well as an inventory of development parcels that aggregated approximately 81 acres of land in four separate parcels on which we can, based on estimates at March 31, 2013, develop approximately 1.1 million square feet of office space and in which we have invested approximately $67.4 million. As of March 31, 2013, we also held preferred equity investments and an investment in an unconsolidated joint venture that holds a preferred equity interest in a retail property located in Manhattan with an aggregate book value of $366.8 million.

Basis of Quarterly Presentation

The accompanying consolidated financial statements include the consolidated financial position of ROP and the Service Companies (as defined below) at March 31, 2013 and December 31, 2012, the consolidated results of their operations for the three months ended March 31, 2013 and 2012, their statement of capital for the three months ended March 31, 2013 and their statements of cash flows for the three months ended March 31, 2013 and 2012. Our investments in majority-owned and controlled real estate joint ventures are reflected in the accompanying financial statements on a consolidated basis with a reduction for the noncontrolling partners’ interests. ROP’s investments in joint ventures, where it owns less than a controlling interest, are reflected in the accompanying financial statements using the equity method of accounting. The Service Companies, which provide management, development and construction services to ROP, include Reckson Management Group, Inc., RANY Management Group, Inc., Reckson Construction & Development LLC and Reckson Construction Group New York, Inc. (collectively, the “Service Companies”). All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company at March 31, 2013 and the results of operations for the periods presented have been included. The 2013 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These financial statements should be read in conjunction with the financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2012.

The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by U.S. GAAP for complete financial statements.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2013

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as preferred equity investments. See Note 4, “Preferred Equity and Other Investment.” ROP’s investments in majority-owned and controlled real estate joint ventures are reflected in the accompanying financial statements on a consolidated basis with a reduction for the noncontrolling partners’ interests. All significant intercompany balances and transactions have been eliminated.

We consolidate a variable interest entity, or VIE, in which we are considered the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Noncontrolling interests are required to be presented as a separate component of capital in the consolidated balance sheet and the presentation of net income was modified to require earnings and other comprehensive income to be attributed to controlling and noncontrolling interests.

We assess the accounting treatment for each joint venture and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIE’s, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance. In situations where we and our partner approves, among other things, the annual budget, receives a detailed monthly reporting package from us, meets on a quarterly basis to review the results of the joint venture, reviews and approves the joint venture’s tax return before filing, and approves all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of our joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan.

Investment in Commercial Real Estate Properties

On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property’s value is considered impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges for consolidated properties) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. In addition, we assess our investment in an unconsolidated joint venture for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investment for impairment based on the joint venture’s projected discounted cash flows. We do not believe that the values of any of our consolidated properties or equity investment were impaired at either March 31, 2013 or December 31, 2012.

We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above-, below- and at-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) and other intangible assets over their estimated useful lives, which generally range from three to 40 years and from one to 14 years, respectively. The values of the above- and below-market leases are amortized and recorded as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income over the remaining term of the associated lease, which generally range from one to 14 years. The value associated with in-place leases is amortized over the expected term of the associated lease, which generally range from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below market and determined to be material, we amortize such below market lease value into rental income over the renewal period.

We recognized an increase of approximately $5.5 million and $5.1 million in rental revenue for the three months ended March 31, 2013 and 2012, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and a reduction in lease origination costs, resulting from the allocation of the purchase price of the applicable properties. We recognized an increase in interest expense for the amortization of above-market rate mortgages assumed of approximately $0.1 million for each of the three months ended March 31, 2013 and 2012, respectively.

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 2013 and December 31, 2012 (amounts in thousands):

	March 31, 2013			December 31, 2012
Identified intangible assets (included in other assets):
Gross amount	$	199,845		$	199,845
Accumulated amortization	(128,847		)	(125,009		)
Net	$	70,998		$	74,836

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	399,088		$	399,088
Accumulated amortization	(236,802		)	(227,637		)
Net	$	162,286		$	171,451

Investments in Unconsolidated Joint Ventures

We account for our investments in unconsolidated joint ventures under the equity method of accounting as we exercise significant influence, but do not control the entity and are not considered to be the primary beneficiary. We consolidate the joint ventures that we control or which are VIEs and where we are considered to be the primary beneficiary. In all the joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless the joint venture is determined to be a VIE and we are the primary beneficiary in a VIE, these participating rights preclude us from consolidating these non-VIE entities. This investment is recorded initially at cost, as investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of this investment on our balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in net income (loss) of unconsolidated joint venture over the lesser of the joint venture term or 10 years. Equity income (loss) from unconsolidated joint venture is allocated based on our ownership or economic interest in the joint venture. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint venture as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint venture in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. In July 2012, we, along with our joint venture partner, sold One Court Square for $481.1 million, which included the assumption of $315.0 million of existing debt by the purchaser, and recognized a gain of $1.0 million on the sale of this property. In January 2013, we, along with our joint venture partner, acquired a preferred equity interest in an entity that holds an interest in a retail property located in Manhattan. See Note 4, “Preferred Equity and Other Investment.”

Revenue Recognition

Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, management records amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, management records amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, management records our contribution towards those improvements as a lease incentive, which is included in deferred leasing costs on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the accompanying consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheet is net of such allowance.

In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters’ wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations.

Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours.

These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year.

We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer’s financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer.

Interest income on debt and preferred equity investments is recognized over the life of the investment using the effective interest method and recognized on the accrual basis. Fees received in connection with loan commitments are deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Anticipated exit fees, whose collection is expected, are also recognized over the term of the loan as an adjustment to yield. Fees on commitments that expire unused are recognized at expiration.

Income recognition is generally suspended for debt and preferred equity investments at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income and principal becomes doubtful. Interest income recognition is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. Several of the debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.

If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount.

Income Taxes

No provision has been made for income taxes in the accompanying consolidated financial statements since such taxes, if any, are the responsibility of the individual partners.

Reserve for Possible Credit Losses

The expense for possible credit losses in connection with preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends and product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit loss on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired.

Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. The write-off of the reserve balance is called a charge off. We recorded no loan loss reserves during the three months ended March 31, 2013 and 2012. During the three months ended March 31, 2012, we recorded $0.5 million in recoveries in connection with the sale of one of our debt investments. This is included in loan loss reserves, net of recoveries in the accompanying consolidated statements of comprehensive income.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The estimated fair values of tangible and intangible assets and liabilities recorded in connection with business combinations are based on Level 3 inputs. We estimate fair values based on cash flow projections utilizing appropriate discount and/or capitalization rates and available market information.

We determine impairment in real estate investments and preferred equity investments, including intangibles, utilizing cash flow projections that apply estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. We determined the valuation allowance for loan losses based on Level 3 inputs. See Note 4, “Preferred Equity and Other Investment.”

We use the following methods and assumptions in estimating fair value disclosures for financial instruments.

· Cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and other assets and liabilities: The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and other assets and liabilities reported in our consolidated balance sheets approximates fair value due to the short-term nature of these instruments.

· Preferred equity investments: The fair value of preferred equity investments is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. See “Reserve for Possible Credit Losses” below regarding valuation allowances for loan losses.

· Derivative instruments: The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.

· Mortgage note and other loans payable and other debt: The fair value of borrowings is estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us.

The methodologies used for measuring fair value have been categorized into three broad levels as follows:

Level 1 — Quoted prices in active markets for identical instruments.

Level 2 — Valuations based principally on other observable market parameters, including

· Quoted prices in active markets for similar instruments,

· Quoted prices in less active or inactive markets for identical or similar instruments,

· Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and

· Market corroborated inputs (derived principally from or corroborated by observable market data).

Level 3 — Valuations based significantly on unobservable inputs.

· Valuations based on third-party indications (broker quotes or counterparty quotes) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations.

· Valuations based on internal models with significant unobservable inputs.

These levels form a hierarchy. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our preferred equity investments is located in the New York Metropolitan area. See Note 4, “Preferred Equity Investment.” We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have Suburban properties located in Westchester County and Connecticut. The tenants located in our buildings operate in various industries. Other than two tenants who account for approximately 5.0% and 3.2% of our annualized cash rent, no other tenant in our portfolio accounted for more than 2.9% of our annualized cash rent at March 31, 2013. Approximately 18%, 10%, 10%, 9%, and 9% of our annualized cash rent for the three months ended March 31, 2013 was attributable to 1185 Avenue of the Americas, 750 Third Avenue, 919 Third Avenue, 810 Seventh Avenue and 1350 Avenue of the Americas, respectively.

Accounting Standards Updates

In February 2013, the FASB issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income, or AOCI. The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to financial statements. The guidance became effective for calendar year-end public companies beginning in the first quarter of 2013 and its adoption did not have a material impact on our consolidated financial statements.

Property Acquisitions

3 Months Ended

Mar. 31, 2013

Property Acquisitions

Property Acquisitions

3. Property Acquisitions

In September 2012, we acquired the aggregate 267,000 square foot (unaudited) office buildings located at 635 and 641 Sixth Avenue for $173.0 million.

In June 2012, we acquired a 215,000 square foot (unaudited) office building located at 304 Park Avenue South for $135.0 million. The property was acquired with approximately $102.0 million in cash and $33.0 million in units of limited partnership interest of the Operating Partnership.

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2012 acquisitions (amounts in thousands):

	635-641 Sixth Avenue		304 Park Avenue South

Land	$	69,848	$	54,189
Building	104,474		75,619
Above market lease value	—		2,824
Acquired in-place leases	7,727		8,265
Other assets, net of other liabilities	—		—
Assets acquired	182,049		140,897

Below market lease value	9,049		5,897
Liabilities assumed	9,049		5,897

Purchase price allocation	$	173,000	$	135,000

Net consideration funded by us at closing	$	173,000	$	135,000
Equity and/or debt investment held	$	—	$	—
Debt assumed	$	—	$	—

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Preferred Equity and Other Investment

3 Months Ended

Mar. 31, 2013

Preferred Equity and Other Investment

Preferred Equity and Other Investment

4. Preferred Equity and Other Investment

As of March 31, 2013 and December 31, 2012, we held the following preferred equity investments, with an aggregate weighted average current yield of approximately 11.4% at March 31, 2013 (in thousands):

Type

March 31,
2013
Senior
Financing

March 31,
2013
Carrying
Value, Net of
Discounts

December 31,
2012
Carrying
Value, Net of
Discounts

Initial
Mandatory
Redemption

Preferred equity(1)

480,000

103,437

100,831

July 2014

Preferred equity

70,000

10,000

10,000

October 2014

Preferred equity(1)(2)

57,087

20,238

19,136

April 2016

Preferred equity(1)

926,260

212,932

210,918

July 2016

1,533,347

346,607

340,885

(1) The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.

(2) As of March 31, 2013, we are committed to fund an additional $5.7 million on this loan.

At March 31, 2013 and December 31, 2012, all preferred equity investments were performing in accordance with the terms of the loan agreements.

The Other Investment, which was acquired in January 2013 and is accounted for under the equity method of accounting, relates to our 40.0% interest in a joint venture that holds a preferred equity interest in an entity that owns a retail property located in Manhattan. The preferred equity investment bears interest at a rate of 8.75% per annum and matures in June 2016. As of March 31, 2013, our investment balance was $20.2 million.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Mortgage Note and Other Loans Payable

3 Months Ended

Mar. 31, 2013

Mortgage Note and Other Loans Payable

Mortgage Note and Other Loans Payable

5. Mortgage Note and Other Loans Payable

The first mortgage note and other loans payable collateralized by the property listed below and assignment of leases and investment at March 31, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands):

Property	Interest Rate(1)		Maturity Date	March 31, 2013		December 31, 2012
609 Partners, LLC(2)	5.00	%	7/2014	$	23	$	23
Other loan payable(3)	8.00	%	9/2019	50,000		50,000
919 Third Avenue(4)	5.12	%	6/2023	500,000		500,000
				$	550,023	$	550,023

(1) Effective weighted average interest rate for the three months ended March 31, 2013.

(2) As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E preferred units, or the Series E units, with a liquidation of $1.00 per unit. As of March 31, 2013, 63.8 million Series E units had been redeemed.

(3) This loan is secured by a portion of a preferred equity investment.

(4) We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us.

At March 31, 2013, the gross book value of the property and investment collateralizing the mortgage note and other loans payable was approximately $1.5 billion.

Corporate Indebtedness

3 Months Ended

Mar. 31, 2013

Corporate Indebtedness

Corporate Indebtedness

6. Corporate Indebtedness

2012 Credit Facility

In November 2012, we entered into a $1.6 billion credit facility, or the 2012 credit facility, which refinanced, extended and upsized the previous 2011 revolving credit facility. The 2012 credit facility consists of a $1.2 billion revolving credit facility, or the revolving credit facility, and a $400.0 million term loan, or the term loan facility. The revolving credit facility matures in March 2017 and includes two six-month extension options, subject to certain conditions and the payment of an extension fee of 10 basis points for each such extension. We also have an option, subject to customary conditions, without the consent of existing lenders, to increase the capacity under the revolving credit facility to $1.5 billion at any time prior to the maturity date for the revolving credit facility, by obtaining additional commitments from our current lenders and other financial institutions. The term loan facility matures on March 30, 2018.

The 2012 credit facility bears interest at a spread over LIBOR ranging from (i) 100 basis points to 175 basis points for loans under the revolving credit facility and (ii) 115 basis points to 200 basis points for loans under the term loan facility, in each case based on the credit rating assigned to our senior unsecured long-term indebtedness. At March 31, 2013, the applicable spread was 145 basis points for revolving credit facility and 165 basis points for the term loan facility. We are required to pay quarterly in arrears a 15 to 35 basis point fee on the unused balance of the commitments under the revolving credit facility. As of March 31, 2013, the facility fee was 30 basis points. At March 31, 2013, we had approximately $91.9 million of outstanding letters of credit, $30.0 million borrowings under the revolving credit facility and $400.0 million outstanding under the term loan facility, with undrawn capacity of $1.2 billion under the 2012 credit facility.

We, SL Green and the Operating Partnership are all borrowers jointly and severally obligated under the 2012 credit facility. No other subsidiary of ours is an obligor under the 2012 credit facility.

The 2012 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).

2011 Revolving Credit Facility

The 2012 credit facility replaced our $1.5 billion revolving credit facility, or the 2011 revolving credit facility, which was terminated concurrently with the entering into the 2012 credit facility. The 2011 revolving credit facility bore interest at a spread over LIBOR ranging from 100 basis points to 185 basis points, based on the credit rating assigned to our senior unsecured long term indebtedness, and required us to pay quarterly in arrears a 17.5 to 45 basis point facility fee on the total commitments under the 2011 revolving credit facility. The 2011 revolving credit facility included certain restrictions and covenants and, as of the time of the termination of the 2011 revolving credit facility and as of November 2012, we were in compliance with all such restrictions and covenants.

Senior Unsecured Notes

The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 2013 and December 31, 2012, respectively, by scheduled maturity date (amounts in thousands):

Issuance	March 31, 2013 Unpaid Principal Balance		March 31, 2013 Accreted Balance		December 31, 2012 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity
August 13, 2004(2)	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006(2)	255,308		255,175		255,165		6.00	%	6.02	%	10	March 31, 2016
August 5, 2011(3)	250,000		249,636		249,620		5.00	%	5.03	%	7	August 15, 2018
March 16, 2010(3)	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012(3)	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005(4)	7		7		7		4.00	%	4.00	%	20	June 15, 2025
	$	1,031,213	$	1,030,716	$	1,030,690

(1) Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.

(2) On December 27, 2012, we repurchased $42.4 million of aggregate principal amount of these notes, consisting of $22.7 million of the 5.875% Notes and $19.7 million of the 6.0% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million.

(3) We, SL Green and the Operating Partnership are co-obligors.

(4) Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to us, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the Merger, the adjusted exchange rate for the debentures is 7.7461 shares of SL Green’s common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended December 31, 2012, we repurchased $650,000 of these bonds at par.

ROP also provides a guaranty of the Operating Partnership’s obligations under its 3.00% Exchangeable Senior Notes due 2017.

Restrictive Covenants

The terms of the 2012 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, SL Green’s ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the minimum amount of tangible net worth, a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that SL Green will not during any time when a default is continuing, make distributions with respect to its common stock or other equity interests, except to enable SL Green to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 2013 and December 31, 2012, we were in compliance with all such covenants.

Principal Maturities

Combined aggregate principal maturities of mortgage note and other loans payable, revolving credit facility and term loan and senior unsecured notes as of March 31, 2013, including as-of-right extension options, were as follows (in thousands):

	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Term Loan and Senior Unsecured Notes		Total
2013	$	—	$	—	$	—	$	—	$	—
2014	—		23		—		75,898		75,921
2015	—		—		—		7		7
2016	4,116		—		—		255,175		259,291
2017	7,056		—		—		—		7,056
Thereafter	38,220		500,608		30,000		1,099,636		1,668,464
	$	49,392	$	500,631	$	30,000	$	1,430,716	$	2,010,739

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):

	Three Months Ended March 31,
	2013			2012
				As Adjusted
Interest expense	$	26,743		$	27,909
Interest income	(14		)	(15		)
Interest expense, net	$	26,729		$	27,894
Interest capitalized	$	—		$	—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2013
Fair Value of Financial Instruments
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments The following disclosures of estimated fair value were determined by management, using available market information and appropriate valuation methodologies as discussed in Note 2, “Significant Accounting Policies.” Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash and cash equivalents, restricted cash, accounts receivable and accounts payable balances reasonably approximate their fair values due to the short maturities of these items. Mortgage note and other loans payable and the senior unsecured notes had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $1.8 billion, compared to the book value of the related fixed rate debt of approximately $1.6 billion at March 31, 2013. Our floating rate debt, inclusive of our 2012 credit facility, but excluding $30.0 million of which was swapped, had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $395.9 million, compared to the book value of the related floating rate debt of approximately $400.0 million at March 31, 2013. Our preferred equity investments had an estimated fair value ranging between $329.3 million and $363.9 million, compared to the book value of related preferred equity investments of approximately $346.6 million at March 31, 2013 based on Level 3 inputs. Disclosure about fair value of financial instruments is based on pertinent information available to us as of March 31, 2013. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Name Statement of Financial Accounting Standard (FAS)
-Number 107
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+ Details

Partners' Capital	3 Months Ended
Partners' Capital	Mar. 31, 2013
Partners' Capital
Partners' Capital	8. Partners’ Capital Since consummation of the Merger on January 25, 2007, the Operating Partnership has owned all the economic interests in ROP either by direct ownership or by indirect ownership through our general partner, which is its wholly-owned subsidiary. Intercompany transactions between SL Green and ROP are generally recorded as contributions and distributions.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References + Details

Financial Instruments: Derivatives and Hedging

3 Months Ended

Mar. 31, 2013

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

9. Financial Instruments: Derivatives and Hedging

We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Reported net income and capital may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.

Accumulated other comprehensive loss at March 31, 2013 consists of approximately $4.7 million from the settlement of hedges, which are being amortized over the remaining term of the related senior unsecured notes. Currently, all of our designated derivative instruments are effective hedging instruments.

Over time, the realized and unrealized gains and losses held in accumulated other comprehensive loss will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that approximately $1.0 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense within the next 12 months.

The following table presents the effect of our derivative financial instruments on the consolidated statements of comprehensive income as of March 31, 2013 and 2012, respectively (in thousands):

		Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) For the Three Months Ended March 31,						Amount of (Loss) or Gain Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion) For the Three Months Ended March 31,						Amount of (Loss) or Gain Recognized in Interest Expense (Ineffective Portion) For the Three Months Ended March 31,
Designation\Cash Flow	Derivative	2013			2012			2013			2012			2013		2012
Qualifying	Interest Rate Swaps/Caps	$	(38	)	$	(104	)	$	(247	)	$	(244	)	$	—	$	—

Non-qualifying	Interest Rate Caps	—			—			—			—			—		—

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2013
Related Party Transactions
Related Party Transactions	10. Related Party Transactions Cleaning/ Security/ Messenger and Restoration Services Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services, and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of SL Green’s board of directors. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. An affiliate of ours has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Alliance paid the affiliate approximately $0.8 million and $0.7 million for the three months ended March 31, 2013 and 2012, respectively. We paid Alliance approximately $1.3 million and $1.0 million for the three months ended March 31, 2013 and 2012, respectively, for these services (excluding services provided directly to tenants). Allocated Expenses from SL Green Property operating expenses include an allocation of salary and other operating costs from SL Green based on square footage of the related properties. Such amount was approximately $1.9 million and $1.7 million for the three months ended March 31, 2013 and 2012, respectively. Insurance We obtained insurance coverage through an insurance program administered by SL Green. In connection with this program we incurred insurance expense of approximately $1.3 million and $1.2 million for the three months ended March 31, 2013 and 2012, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies

Commitments and Contingencies

11. Commitments and Contingencies

We are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business. Management believes the costs, if any, incurred by us related to this litigation will not materially affect our financial position, operating results or liquidity.

The following is a schedule of future minimum lease payments under capital lease and non-cancellable operating leases with initial terms in excess of one year as of March 31, 2013 (in thousands):

	Capital lease			Non-cancellable operating leases
2013 (9 months)	$	1,589		$	11,366
2014	2,118			15,155
2015	2,189			15,311
2016	2,330			15,623
2017	2,330			15,623
Thereafter	294,723			936,702
Total minimum lease payments	305,279			$	1,009,780
Less amount representing interest	(282,254		)
Present value of net minimum lease payments	$	23,025

- Definition

The entire disclosure for commitments and contingencies.

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+ Details

Environmental Matters	3 Months Ended
Environmental Matters	Mar. 31, 2013
Environmental Matters
Environmental Matters	12. Environmental Matters Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References + Details

Segment Information

3 Months Ended

Mar. 31, 2013

Segment Information

Segment Information

13. Segment Information

We are engaged in acquiring, owning, managing and leasing commercial properties in Manhattan, Westchester County and Connecticut and have two reportable segments, real estate and preferred equity and other investments. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations.

Our real estate portfolio is primarily located in the geographical markets of Manhattan, Westchester County and Connecticut. The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, real estate taxes and ground rent expense (at certain applicable properties). See Note 4, “Preferred Equity and Other Investment,” for additional details on our preferred equity investments.

Selected results of operations for the three months ended March 31, 2013 and 2012 and selected asset information as of March 31, 2013 and December 31, 2012, regarding our operating segments are as follows (in thousands):

	Real Estate Segment		Preferred Equity and Other Investment Segment		Total Company
Total revenues, including equity in net income from unconsolidated joint venture
Three months ended:
March 31, 2013	$	133,884	$	9,831	$	143,715
March 31, 2012, As Adjusted	126,958		—		126,958

Net income
Three months ended:
March 31, 2013	$	9,513	$	8,071	$	17,584
March 31, 2012, As Adjusted	8,395		469		8,864

Total assets
As of:
March 31, 2013	$	5,050,264	$	367,443	$	5,417,707
December 31, 2012	5,057,563		340,999		5,398,562

Income from continuing operations represents total revenues less total expenses for the real estate segment and total investment income and equity in net income from unconsolidated joint venture less allocated interest expense and provision for loan losses for the preferred equity and other investment segment. Interest costs for the preferred equity and other investment segment are imputed assuming 100% leverage at 2012 credit facility borrowing cost. We also allocate loan loss reserves, net of recoveries to the preferred equity investment. We do not allocate marketing, general and administrative expenses and transaction related costs to the preferred equity and other investment segment, since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets. There were no transactions between the above two segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 12
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Supplemental Disclosure of Non-Cash Investing and Financing Activities

3 Months Ended

Mar. 31, 2013

Supplemental Disclosure of Non-Cash Investing and Financing Activities

Supplemental Disclosure of Non-Cash Investing and Financing Activities

14. Supplemental Disclosure of Non-Cash Investing and Financing Activities

The following table provides information on non-cash investing and financing activities for the three months ended March 31, 2013 and 2012, respectively (in thousands):

	Three Months Ended March 31,
	2013		2012

Tenant improvements and capital expenditures payable	$	2,468	$	4,472
Deferred leasing payable	349		88
Capital leased asset	6,839		—

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2013

Significant Accounting Policies

Principles of Consolidation

Investment in Commercial Real Estate Properties

Investment in Commercial Real Estate Properties

	March 31, 2013			December 31, 2012
Identified intangible assets (included in other assets):
Gross amount	$	199,845		$	199,845
Accumulated amortization	(128,847		)	(125,009		)
Net	$	70,998		$	74,836

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	399,088		$	399,088
Accumulated amortization	(236,802		)	(227,637		)
Net	$	162,286		$	171,451

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

Revenue Recognition

Revenue Recognition

Income Taxes

Income Taxes

No provision has been made for income taxes in the accompanying consolidated financial statements since such taxes, if any, are the responsibility of the individual partners.

Reserve for Possible Credit Losses

Reserve for Possible Credit Losses

Use of Estimates

Use of Estimates

Fair Value Measurements

Fair Value Measurements

We use the following methods and assumptions in estimating fair value disclosures for financial instruments.

The methodologies used for measuring fair value have been categorized into three broad levels as follows:

Level 1 — Quoted prices in active markets for identical instruments.

Level 2 — Valuations based principally on other observable market parameters, including

· Quoted prices in active markets for similar instruments,

· Quoted prices in less active or inactive markets for identical or similar instruments,

· Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and

· Market corroborated inputs (derived principally from or corroborated by observable market data).

Level 3 — Valuations based significantly on unobservable inputs.

· Valuations based on internal models with significant unobservable inputs.

Concentrations of Credit Risk

Concentrations of Credit Risk

Accounting Standards Updates

Accounting Standards Updates

Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2013

Organization and Basis of Presentation

Schedule of commercial office properties

Location	Ownership	Number of Properties	Square Feet	Weighted Average Occupancy (1)
Manhattan	Consolidated properties	13	7,201,400	95.9	%

Suburban	Consolidated properties	17	2,785,500	77.5	%
		30	9,986,900	90.8	%

(1) The weighted average occupancy represents the total leased square feet divided by total available rentable square feet.

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Significant Accounting Policies

Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases)

	March 31, 2013			December 31, 2012
Identified intangible assets (included in other assets):
Gross amount	$	199,845		$	199,845
Accumulated amortization	(128,847		)	(125,009		)
Net	$	70,998		$	74,836

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	399,088		$	399,088
Accumulated amortization	(236,802		)	(227,637		)
Net	$	162,286		$	171,451

Property Acquisition (Tables)

3 Months Ended

Mar. 31, 2013

Property Acquisitions

Schedule of allocation of the purchase price of the assets acquired and liabilities assumed

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2012 acquisitions (amounts in thousands):

	635-641 Sixth Avenue		304 Park Avenue South

Land	$	69,848	$	54,189
Building	104,474		75,619
Above market lease value	—		2,824
Acquired in-place leases	7,727		8,265
Other assets, net of other liabilities	—		—
Assets acquired	182,049		140,897

Below market lease value	9,049		5,897
Liabilities assumed	9,049		5,897

Purchase price allocation	$	173,000	$	135,000

Net consideration funded by us at closing	$	173,000	$	135,000
Equity and/or debt investment held	$	—	$	—
Debt assumed	$	—	$	—

Preferred Equity and Other Investment (Tables)

3 Months Ended

Mar. 31, 2013

Preferred Equity and Other Investment

Schedule of preferred equity investments

Type

March 31,
2013
Senior
Financing

March 31,
2013
Carrying
Value, Net of
Discounts

December 31,
2012
Carrying
Value, Net of
Discounts

Initial
Mandatory
Redemption

Preferred equity(1)

480,000

103,437

100,831

July 2014

Preferred equity

70,000

10,000

10,000

October 2014

Preferred equity(1)(2)

57,087

20,238

19,136

April 2016

Preferred equity(1)

926,260

212,932

210,918

July 2016

1,533,347

346,607

340,885

(1) The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.

(2) As of March 31, 2013, we are committed to fund an additional $5.7 million on this loan.

Mortgage Note and Other Loans Payable (Tables)

3 Months Ended

Mar. 31, 2013

Mortgage Note and Other Loans Payable

Schedule of the first mortgage note and other loan payable collateralized by the property, assignment of leases and investment

Property	Interest Rate(1)		Maturity Date	March 31, 2013		December 31, 2012
609 Partners, LLC(2)	5.00	%	7/2014	$	23	$	23
Other loan payable(3)	8.00	%	9/2019	50,000		50,000
919 Third Avenue(4)	5.12	%	6/2023	500,000		500,000
				$	550,023	$	550,023

(1) Effective weighted average interest rate for the three months ended March 31, 2013.

(3) This loan is secured by a portion of a preferred equity investment.

(4) We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us.

Corporate Indebtedness (Tables)

3 Months Ended

Mar. 31, 2013

Corporate Indebtedness

Schedule of senior unsecured notes and other related disclosures by scheduled maturity date

The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 2013 and December 31, 2012, respectively, by scheduled maturity date (amounts in thousands):

Issuance	March 31, 2013 Unpaid Principal Balance		March 31, 2013 Accreted Balance		December 31, 2012 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity
August 13, 2004(2)	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006(2)	255,308		255,175		255,165		6.00	%	6.02	%	10	March 31, 2016
August 5, 2011(3)	250,000		249,636		249,620		5.00	%	5.03	%	7	August 15, 2018
March 16, 2010(3)	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012(3)	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005(4)	7		7		7		4.00	%	4.00	%	20	June 15, 2025
	$	1,031,213	$	1,030,716	$	1,030,690

(1) Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.

(3) We, SL Green and the Operating Partnership are co-obligors.

Schedule of Combined aggregate principal maturities of mortgage and other loans payable, revolving credit facility and term loan and senior unsecured notes, including as-of-right extension options

	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Term Loan and Senior Unsecured Notes		Total
2013	$	—	$	—	$	—	$	—	$	—
2014	—		23		—		75,898		75,921
2015	—		—		—		7		7
2016	4,116		—		—		255,175		259,291
2017	7,056		—		—		—		7,056
Thereafter	38,220		500,608		30,000		1,099,636		1,668,464
	$	49,392	$	500,631	$	30,000	$	1,430,716	$	2,010,739

Schedule of consolidated interest expense, excluding capitalized interest

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):

	Three Months Ended March 31,
	2013			2012
				As Adjusted
Interest expense	$	26,743		$	27,909
Interest income	(14		)	(15		)
Interest expense, net	$	26,729		$	27,894
Interest capitalized	$	—		$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Financial Instruments: Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2013

Financial Instruments: Derivatives and Hedging

Schedule of effect of derivative financial instruments on consolidated statements of comprehensive income

The following table presents the effect of our derivative financial instruments on the consolidated statements of comprehensive income as of March 31, 2013 and 2012, respectively (in thousands):

		Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) For the Three Months Ended March 31,						Amount of (Loss) or Gain Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion) For the Three Months Ended March 31,						Amount of (Loss) or Gain Recognized in Interest Expense (Ineffective Portion) For the Three Months Ended March 31,
Designation\Cash Flow	Derivative	2013			2012			2013			2012			2013		2012
Qualifying	Interest Rate Swaps/Caps	$	(38	)	$	(104	)	$	(247	)	$	(244	)	$	—	$	—

Non-qualifying	Interest Rate Caps	—			—			—			—			—		—

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies

Schedule of future minimum lease payments under capital leases and noncancellable operating leases

The following is a schedule of future minimum lease payments under capital lease and non-cancellable operating leases with initial terms in excess of one year as of March 31, 2013 (in thousands):

	Capital lease			Non-cancellable operating leases
2013 (9 months)	$	1,589		$	11,366
2014	2,118			15,155
2015	2,189			15,311
2016	2,330			15,623
2017	2,330			15,623
Thereafter	294,723			936,702
Total minimum lease payments	305,279			$	1,009,780
Less amount representing interest	(282,254		)
Present value of net minimum lease payments	$	23,025

Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Segment Information

Schedule of selected results of operations and selected asset information

	Real Estate Segment		Preferred Equity and Other Investment Segment		Total Company
Total revenues, including equity in net income from unconsolidated joint venture
Three months ended:
March 31, 2013	$	133,884	$	9,831	$	143,715
March 31, 2012, As Adjusted	126,958		—		126,958

Net income
Three months ended:
March 31, 2013	$	9,513	$	8,071	$	17,584
March 31, 2012, As Adjusted	8,395		469		8,864

Total assets
As of:
March 31, 2013	$	5,050,264	$	367,443	$	5,417,707
December 31, 2012	5,057,563		340,999		5,398,562

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Supplemental Disclosure of Non-Cash Investing and Financing Activities (Tables)

3 Months Ended

Mar. 31, 2013

Supplemental Disclosure of Non-Cash Investing and Financing Activities

Schedule of information on non-cash investing and financing activities

The following table provides information on non-cash investing and financing activities for the three months ended March 31, 2013 and 2012, respectively (in thousands):

	Three Months Ended March 31,
	2013		2012

Tenant improvements and capital expenditures payable	$	2,468	$	4,472
Deferred leasing payable	349		88
Capital leased asset	6,839		—

Organization and Basis of Presentation (Details) $ in Millions	Dec. 31, 2012 USD ($) item	Nov. 02, 2011 USD ($) item	Mar. 31, 2013 USD ($) a ft² item	Sep. 30, 2012 USD ($)
Organization and Basis of Presentation
Number of properties transferred from the operating partnership to the entity by SL Green \| item	3	5
Carrying value of properties transferred by SL Green \| $	$ 320.2	$ 683.8
Carrying value of preferred equity investments transferred by SL Green \| $				$ 324.9
Carrying value of one of the preferred equity investments subject to secured loan transferred by SL Green \| $				$ 50.0
Development parcels
Real estate properties
Number of Properties \| item			4
Area of land (in acres) \| a			81
Estimated area of office space that can be developed on land held (in square feet) \| ft²			1,100,000
Invested amount for development of office space \| $			$ 67.4
Development property
Real estate properties
Square Feet \| ft²			104,000
Manhattan \| Consolidated properties
Real estate properties
Number of Properties \| item			13
Square Feet \| ft²			7,201,400
Weighted Average Occupancy ( as a percent)			95.90%
Suburban \| Consolidated properties
Real estate properties
Number of Properties \| item			17
Square Feet \| ft²			2,785,500
Weighted Average Occupancy ( as a percent)			77.50%
Total
Real estate properties
Number of Properties \| item			30
Square Feet \| ft²			9,986,900
Weighted Average Occupancy ( as a percent)			90.80%

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Investment in Commercial Real Estate Properties
Increase in rental revenue from amortization of acquired leases	$ 5,500	$ 5,100
Increase in interest expense from amortization of above-market rate mortgages	100	$ 100
Identified intangible assets (included in other assets):
Gross amount	199,845		$ 199,845
Accumulated amortization	(128,847)		(125,009)
Net	70,998		74,836
Identified intangible liabilities (included in deferred revenue):
Gross amount	399,088		399,088
Accumulated amortization	(236,802)		(227,637)
Net	$ 162,286		$ 171,451
Buildings \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life	3 years
Buildings \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life	40 years
Other intangible assets \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	1 year
Other intangible assets \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	14 years
Above-market leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	1 year
Above-market leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	14 years
Below-market leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	1 year
Below-market leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	14 years
In-place leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	1 year
In-place leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets	14 years

Significant Accounting Policies (Details 2) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Revenue recognition
Additional cost for base building services other than electricity		$ 0.0
Period after which payments become due		90 days
Income Taxes
Provision for income taxes		$ 0.0
Reserve for Possible Credit Losses
Loan loss reserves recorded		$ 0.0	$ 0.0
Recoveries recorded in connection with sale of debt investments			$ 0.5
Joint venture
Investment in unconsolidated joint venture
Amortization period of difference between carrying amount of investments and underlying equity in net assets		10 years
One Court Square
Investment in unconsolidated joint venture
Sales price	$ 481.1
Floating rate financing assumed by joint venture	315.0
Recognized gain on sale of interest in property	$ 1.0

Significant Accounting Policies (Details 3)	3 Months Ended
Significant Accounting Policies (Details 3)	Mar. 31, 2013 Tenant
Concentrations of Credit Risk
Number of tenants concentration risk	2
Annualized cash rent \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized cash rent for any one tenant not individually disclosed	2.90%
Annualized cash rent \| Customer concentration \| 1185 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration	18.00%
Annualized cash rent \| Customer concentration \| 750 Third Avenue
Concentrations of Credit Risk
Percentage of concentration	10.00%
Annualized cash rent \| Customer concentration \| 919 Third Avenue
Concentrations of Credit Risk
Percentage of concentration	10.00%
Annualized cash rent \| Customer concentration \| 810 Seventh Avenue
Concentrations of Credit Risk
Percentage of concentration	9.00%
Annualized cash rent \| Customer concentration \| 1350 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration	9.00%
Annualized cash rent \| First tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration	5.00%
Annualized cash rent \| Second tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration	3.20%

Property Acquisition (Details) $ in Thousands	Sep. 30, 2012 USD ($) ft²	Jun. 30, 2012 USD ($) ft²
304 Park Avenue South
Property Acquisition
Area of property (in square feet) \| ft²		215,000
Cash paid		$ 102,000
Value of units of limited partnership interest in the Operating Partnership		33,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land		54,189
Building		75,619
Above market lease value		2,824
Acquired in-place leases		8,265
Assets acquired		140,897
Below market lease value		5,897
Liabilities assumed		5,897
Purchase price allocation		135,000
Net consideration funded by us at closing		$ 135,000
635-641 Sixth Avenue
Property Acquisition
Area of property (in square feet) \| ft²	267,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land	$ 69,848
Building	104,474
Acquired in-place leases	7,727
Assets acquired	182,049
Below market lease value	9,049
Liabilities assumed	9,049
Purchase price allocation	173,000
Net consideration funded by us at closing	$ 173,000

Preferred Equity and Other Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Preferred equity and other investments
Senior Financing	$ 1,533,347
Carrying Value, Net of Discounts	$ 346,607	$ 340,885
Joint venture
Preferred equity and other investments
Stake in the joint venture (as a percent)	40.00%
Interest rate on preferred equity (as a percent)	8.75%
Investment in unconsolidated joint venture	$ 20,200
Preferred equity
Preferred equity and other investments
Aggregate weighted average current yield (as a percent)	11.40%
Preferred equity with initial mandatory redemption on July, 2014
Preferred equity and other investments
Senior Financing	$ 480,000
Carrying Value, Net of Discounts	103,437	100,831
Preferred equity with initial mandatory redemption on October, 2014
Preferred equity and other investments
Senior Financing			$ 70,000
Carrying Value, Net of Discounts	10,000	10,000
Preferred equity with initial mandatory redemption on April, 2016
Preferred equity and other investments
Senior Financing	57,087
Carrying Value, Net of Discounts	20,238	19,136
Committed additional contribution	5,700
Preferred equity with initial mandatory redemption on July, 2016
Preferred equity and other investments
Senior Financing	926,260
Carrying Value, Net of Discounts	$ 212,932	$ 210,918

Mortgage Note and Other Loans Payable (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Mortgage Note Payable
Mortgage note and other loans payable	$ 550,023	$ 550,023
Gross book value of the property and investment collateralizing the mortgage note and other loan payable	1,500,000
Consolidated joint venture
Mortgage Note Payable
Mortgage note and other loans payable	$ 550,023	550,023
Other loan payable \| Consolidated joint venture
Mortgage Note Payable
Interest rate (as a percent)	8.00%
Mortgage note and other loans payable	$ 50,000	50,000
609 Partners, LLC
Mortgage Note Payable
Number of Series E preferred units issued (in shares)	63.9
Dividend rate of Series E preferred units (as a percent)	5.00%
Liquidation price per unit of Series E preferred units (in dollors per share)	$ 1.00
Series E preferred units redeemed (in shares)	63.8
609 Partners, LLC \| Consolidated joint venture
Mortgage Note Payable
Interest rate (as a percent)	5.00%
Mortgage note and other loans payable	$ 23	23
919 Third Avenue New York, NY
Mortgage Note Payable
Controlling interest in the joint venture (as a percent)	51.00%
919 Third Avenue New York, NY \| Consolidated joint venture
Mortgage Note Payable
Interest rate (as a percent)	5.12%
Mortgage note and other loans payable	$ 500,000	$ 500,000

Corporate Indebtedness (Details)		3 Months Ended
Corporate Indebtedness (Details)	Dec. 27, 2012 USD ($)	Mar. 31, 2013 USD ($) shares item	Mar. 31, 2012 USD ($)	Dec. 31, 2012 USD ($)	Nov. 30, 2012 USD ($)
Corporate Indebtedness
Outstanding under line of credit facility		$ 30,000,000		$ 70,000,000
Debt disclosures by scheduled maturity date
Accreted Balance		1,430,716,000		1,430,690,000
Loss on early extinguishment of debt		66,000
Principal Repayments
Total principal repayments		30,000,000		70,000,000
Scheduled amortization and principal repayments
2014		75,921,000
2015		7,000
2016		259,291,000
2017		7,056,000
Thereafter		1,668,464,000
Total amortization of debt and principal repayments		2,010,739,000
Interest expense
Interest expense		26,743,000	$ 27,909,000
Interest income		(14,000)	(15,000)
Interest expense, net		$ 26,729,000	$ 27,894,000
2012 Credit Facility
Corporate Indebtedness
Maximum borrowing capacity					$ 1,600,000,000
Interest rate, description		LIBOR
Letters of credit		$ 91,900,000
Undrawn capacity		$ 1,200,000,000
Revolving credit facility
Corporate Indebtedness
Maximum borrowing capacity					1,200,000,000
Number of extension options \| item		2
Extension options available		6 months
Extension fee required to be paid (as a percent)		0.10%
Maximum borrowing capacity, optional expansion		$ 1,500,000,000
Interest rate added to base rate (as a percent)		1.45%
Facility fee on total commitments, payable quarterly in arrears (as a percent)		0.30%
Outstanding under line of credit facility		$ 30,000,000
Principal Repayments
Thereafter		30,000,000
Total principal repayments		$ 30,000,000
Revolving credit facility \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.00%
Fee on the unused balance, payable quarterly in arrears (as a percent)		0.15%
Revolving credit facility \| Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.75%
Fee on the unused balance, payable quarterly in arrears (as a percent)		0.35%
Term loan
Corporate Indebtedness
Maximum borrowing capacity					$ 400,000,000
Interest rate added to base rate (as a percent)		1.65%
Outstanding under line of credit facility		$ 400,000,000
Principal Repayments
Total principal repayments		$ 400,000,000
Term loan \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.15%
Term loan \| Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)		2.00%
2011 Revolving Credit Facility
Corporate Indebtedness
Maximum borrowing capacity		$ 1,500,000,000
Interest rate, description		LIBOR
2011 Revolving Credit Facility \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.00%
Facility fee on total commitments, payable quarterly in arrears (as a percent)		0.175%
2011 Revolving Credit Facility \| Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.85%
Facility fee on total commitments, payable quarterly in arrears (as a percent)		0.45%
Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance		$ 1,031,213,000
Accreted Balance		1,030,716,000		1,030,690,000
Aggregate principal amount of notes repurchased	$ 42,400,000
Repayment of debt	46,400,000
Loss on early extinguishment of debt	3,800,000
5.875% senior unsecured notes maturing on August 15, 2014
Debt disclosures by scheduled maturity date
Unpaid Principal Balance		75,898,000
Accreted Balance		$ 75,898,000		75,898,000
Coupon Rate (as a percent)		5.88%
Effective Rate (as a percent)		5.88%
Term		10 years
Aggregate principal amount of notes repurchased	22,700,000
6.00% senior unsecured notes maturing on March 31, 2016
Debt disclosures by scheduled maturity date
Unpaid Principal Balance		$ 255,308,000
Accreted Balance		$ 255,175,000		255,165,000
Coupon Rate (as a percent)		6.00%
Effective Rate (as a percent)		6.02%
Term		10 years
Aggregate principal amount of notes repurchased	$ 19,700,000
5.00% senior unsecured notes maturing on August 15, 2018
Debt disclosures by scheduled maturity date
Unpaid Principal Balance		$ 250,000,000
Accreted Balance		$ 249,636,000		249,620,000
Coupon Rate (as a percent)		5.00%
Effective Rate (as a percent)		5.03%
Term		7 years
7.75% senior unsecured notes maturing on March 15, 2020
Debt disclosures by scheduled maturity date
Unpaid Principal Balance		$ 250,000,000
Accreted Balance		$ 250,000,000		250,000,000
Coupon Rate (as a percent)		7.75%
Effective Rate (as a percent)		7.75%
Term		10 years
4.50% senior unsecured notes maturing on December 1, 2022
Debt disclosures by scheduled maturity date
Unpaid Principal Balance		$ 200,000,000
Accreted Balance		$ 200,000,000		200,000,000
Coupon Rate (as a percent)		4.50%
Effective Rate (as a percent)		4.50%
Term		10 years
4.00% senior unsecured notes maturing on June 15, 2025
Debt disclosures by scheduled maturity date
Unpaid Principal Balance		$ 7,000
Accreted Balance		$ 7,000		$ 7,000
Coupon Rate (as a percent)		4.00%
Effective Rate (as a percent)		4.00%
Term		20 years
Principal amount of debentures, basis for conversion		$ 1,000
Repayment of debt		$ 650,000
Adjusted exchange rate for the debentures (in shares) \| shares		7.7461
Adjusted reference dividend for debentures		1.3491
3.00% exchangeable senior notes due 2017
Debt disclosures by scheduled maturity date
Coupon Rate (as a percent)		3.00%
Mortgages and other loans payable
Scheduled Amortization
2016		$ 4,116,000
2017		7,056,000
Thereafter		38,220,000
Total amortization of debt		49,392,000
Principal Repayments
2014		23,000
Thereafter		500,608,000
Total principal repayments		500,631,000
Term loan and Senior Unsecured Notes
Principal Repayments
2014		75,898,000
2015		7,000
2016		255,175,000
Thereafter		1,099,636,000
Total principal repayments		$ 1,430,716,000

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Fair Value of Financial Instruments
Mortgage note and other loan payable and the senior unsecured notes	$ 1,600,000
Debt instrument hedged amount	30,000
Floating rate debt inclusive of revolving credit facility	400,000
Preferred equity investments	346,607	$ 340,885
Level 3
Fair Value of Financial Instruments
Mortgage note and other loan payable and the senior unsecured notes	1,800,000
Floating rate debt inclusive of revolving credit facility	395,900
Level 3 \| Minimum
Fair Value of Financial Instruments
Preferred equity investments	329,300
Level 3 \| Maximum
Fair Value of Financial Instruments
Preferred equity investments	$ 363,900

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Financial Instruments: Derivatives and Hedging
Loss from settlement of hedges included in accumulated other comprehensive loss	$ 4,700
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months	1,000
Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) on derivatives qualifying as hedges	(38)	$ (104)
Amount of (Loss) or Gain Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion) on derivatives qualifying as hedges	$ (247)	$ (244)

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Affiliate
Related Party Transactions
Profit participation received by related party	$ 0.8	$ 0.7
Alliance Building Services
Related Party Transactions
Payments made for services	1.3	1.0
SL Green
Related Party Transactions
Allocation of salary and other operating costs from related party	1.9	1.7
Insurance expense incurred	$ 1.3	$ 1.2

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2013 USD ($)
Capital lease
2013 (9 months)	$ 1,589
2014	2,118
2015	2,189
2016	2,330
2017	2,330
Thereafter	294,723
Total minimum lease payments	305,279
Less amount representing interest	(282,254)
Present value of net minimum lease payments	23,025
Future minimum lease payments under capital lease and non-cancellable operating leases
2013 (9 months)	11,366
2014	15,155
2015	15,311
2016	15,623
2017	15,623
Thereafter	936,702
Total minimum lease payments	$ 1,009,780

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2013 USD ($) segment	Mar. 31, 2012 USD ($)	Dec. 31, 2012 USD ($)
Segment Information
Number of reportable segments \| segment	2
Segment information
Revenues, including equity in net income from unconsolidated joint venture	$ 143,715	$ 126,958
Net income	17,584	8,864
Total assets	$ 5,417,707		$ 5,398,562
Leverage rate assumption (as a percent)	100.00%
Real Estate Segment
Segment information
Revenues, including equity in net income from unconsolidated joint venture	$ 133,884	126,958
Net income	9,513	8,395
Total assets	5,050,264		5,057,563
Amount of transactions with other segment	0
Preferred Equity and Other Investment Segment
Segment information
Revenues, including equity in net income from unconsolidated joint venture	9,831
Net income	8,071	$ 469
Total assets	367,443		$ 34,099
Amount of transactions with other segment	$ 0

Supplemental Disclosure of Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Tenant improvements and capital expenditures payable	$ 2,468	$ 4,472
Deferred leasing payable	349	$ 88
Capital leased ssset	$ 6,839