SL Green Realty: What Does It Do?



History of SL Green Realty

In 1980, SL Green Realty (SLG) was founded as SL Green Properties by Stephen L. Green. Headquartered in New York, the company is structured as a REIT (real estate investment trust) and completed an initial public offering in 1997. The company is now the second-largest publicly traded office REIT in the United States and is part of the S&P 500.

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Business interest

SL Green Realty (SLG) is a self-administered and self-managed REIT. The company is primarily engaged in the ownership, management, acquisition, disposition, development, redevelopment, construction, and leasing of high-quality commercial properties in Manhattan. The company also has a small presence in some other markets. Though the company’s property portfolio mainly comprises office buildings, it also has an interest in retail and residential properties.

Competitors in office leasing

With a market capitalization of $12.5 billion, SL Green Realty is one of the largest office REITs in the United States. In the Manhattan market for rental properties, the company competes with a number of other office REITs, as well as other real estate companies, private real estate funds, financial institutions, and pension trusts. Manhattan is a highly competitive market for office rentals. The competition in the office leasing space in the Manhattan market is mainly driven by factors such as the quality of properties and services provided to tenants, attractiveness of leasing terms, location, and reputation of the company operating the office properties.

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In the office REIT space, SL Green Realty’s major competitors include Boston Properties (BXP), Alexandria Real Estate Equities (ARE), Kilroy Realty (KRC), Douglas Emmett (DEI), BioMed Realty Trust (BMR), Highwoods Properties (HIW), Paramount Group (PGRE), Equity Commonwealth (EQC), and Columbia Property Trust (CXP). The iShares Cohen & Steers REIT ETF (ICF) invests 2.8% of its portfolio in SL Green Realty.

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