SL Green Realty Corp. Announces Refinancing of Graybar Building

SL Green Realty Corp. (NYSE: SLG) today announced the refinancing of the Graybar Building, the landmark Midtown Manhattan office tower located at New York City’s Grand Central Terminal. The building’s new mortgage was provided by Teachers Insurance and Annuity Association of America (TIAA). The $145 million loan transaction resulted in a $45 million financing increase and generated approximately $23 million in net cash proceeds.

The financing, provided at a 7.5% fixed rate, matures in 2016 and features two, one-year extension options. It enables SL Green to retire the former mortgage, which was due to mature in November 2010 and which carried a rate of 8.44%.

Marc Holliday, Chief Executive Officer of SL Green, stated, "The refinancing of the Graybar Building reflects the strong relationship that SLG Green has built up over the years with TIAA – both as a lender and as an investment partner. We’re pleased to have that continue.”

Mr. Holliday continued, "It also follows immediately on the heels of our 625 Madison Avenue refinancing announced just last week. With these two transactions, featuring attractive rates of 7.5% and 7.22% respectively, we have addressed near-term maturities and generated more than $65 million of net cash proceeds, which will be utilized to further manage our near-term debt obligations. These successful efforts demonstrate that even in the worst of credit markets, well-located, well-managed commercial office buildings owned by strong landlords like SL Green are attractive to institutional lenders.”

SL Green acquired The Graybar Building, located at 420 Lexington Avenue, in 1999 for approximately $27.3 million. Shortly after acquiring the asset, SL Green made the building its headquarters location and began amassing its premier portfolio of well-located assets around Grand Central Terminal and other key transportation hubs in Midtown. Today SL Green is New York City’s largest office landlord and is the dominant owner in the thriving Grand Central submarket.

Built in the 1920’s, the 30-story, 1.2 million square foot office building was one of the largest buildings built at that time. Its ideal commuter location, conveniently situated atop Grand Central Terminal on Lexington Avenue between 43rd and 44th Streets, coupled with its sizeable floor plates, makes the Graybar Building a highly attractive address to a savvy, location-oriented tenant base both large and small. The building is currently 96.7% occupied to more than 220 tenants, including Metro-North Commuter Railroad Co., Bank Leumi and New York Life Insurance.

Cushman & Wakefield Sonnenblick-Goldman acted as exclusive financial advisor to SL Green Realty Corp. on this transaction.

Company Profile

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of June 30, 2009, the Company owned interests in 29 New York City office properties totaling approximately 23,211,200 square feet, making it New York's largest office landlord. In addition, at June 30, 2009, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 32 suburban assets totaling 6,949,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.

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