If SL Green, New York City’s largest commercial landlord, considers selling some of the jewels in its trove of Manhattan trophy properties, there will be no shortage of buyers, according to Marc Holliday, SL Green’s CEO, who spoke Tuesday morning at Citi’s 2009 Global Property CEO Conference.
In fact, Mr. Holliday said that the real estate investment trust has been receiving plenty of calls from would-be buyers of buildings in its stellar portfolio, which includes the likes of 625 Madison Avenue, 220 East 42nd Street and 1350 Avenue of the Americas (just three of the 30 buildings comprising 23.7 million square feet that SL Green controls in New York City).
“Believe me, if we wanted to sell, I told you before we get reverse inquiries—we could sell,” Mr. Holliday said.
Midday on Tuesday, SL Green shares were trading at $10.46, a decline from its 52-week high of $101.07 on June 5, 2008. Whether the REIT will end up putting any of its portfolio on the block remains to be seen.
“We’re not opposed to it,” Mr. Holliday told the Citi conference, adding that the company has formed perhaps “the single most compelling portfolio of properties” in the country.
Meanwhile, Mr. Holliday said that SL Green has issued a mandate to its brokers to retain tenants at all costs. “We’re dropping our rents in order to retain [tenants],” he said. “All of our agents are under strict instructions that nobody gets out, nobody, unless there’s just nobody there. But if they’re there, they don’t get out.”
drubinstein@observer.com
