Holliday, Mathias Plan for SL Green’s Future

A few things learned from SL Green’s quarterly conference call with investors:

  • Andrew Mathias, CIO, said that the company is considering either recapitalizing or selling two buildings: the 1.1-million-square-foot 420 Lexington Avenue and the 560,000-square-foot 625 Madison Avenue.
  • Marc Holliday hinted that SL Green might sell the development site near Grand Central where a 900,000-square-foot tower can be built. “We’re working it, looking at it and there is nothing to report now,” he said. “It’s something we’re going to be focused on to try to pass the ball on because the market is right for it now.”
  • SL Green will refurbish the 1.8-million-square-foot 1515 Broadway, with or without Viacom, which just signed a 400,000-square-foot lease in Hudson Square. Mr. Holliday said the renovation would be done with the goal to push rents at more than $100 per square foot.
  • When SL Green paid more than $300 million for a majority of the land underneath the Lipstick Building, it did so at the same time Haim Revah’s Metropolitan Real Estate went to contract in April. SL Green was not a last-minute investor to help Revah, as one investor and several real estate people thought was the case.
  • Anne Taylor signed an unreported renewal at 1372 Broadway for more than 100,000 square feet.