SL Green Realty Corp was formed in June 1997, for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., its predecessor entity, S.L. Green Properties, Inc., had been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan, a borough of New York City, or Manhattan. It completed its initial public offering in August 1997. The Company is a self-managed real estate investment trust, with in-house capabilities in property management, acquisitions, financing, development, construction and leasing. The Company is engaged in acquiring, managing and maximizing the value of Manhattan commercial properties. The Company owns interests in commercial office properties in the New York Metropolitan area, in midtown Manhattan. Its investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. The Company's Manhattan office properties were comprised of 17 fee owned buildings, including ownership in commercial condominium units, and six leasehold owned properties. The Company owns investments in 19 prime retail properties encompassing approximately 808,963 square feet, nine buildings in some stage of development or redevelopment encompassing approximately 1,996,417 square feet, four residential buildings encompassing 3,882 units (encompassing approximately 3,022,622 square feet) and two land interests under building improvements that are leased to a third party, encompassing approximately 783,530 square feet. The Company competes for tenants with landlords and developers of similar properties located in markets on the basis of location, rent charged, services provided, balance sheet strength and liquidity and the design and condition of its properties. The Company is subject to various federal, state and local environmental and health and safety laws.
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