SL Green becomes first all-NYC REIT.

SL Green Realty Corp. (NYSE:SLG) listed its shares on the New York Stock Exchange on August 15th, becoming the first publicly-traded real estate investment trust (REIT) whose properties are located exclusively in New York City.

The new company continues the commercial real estate business of SL Green, which has been engaged in the business owning, managing, leasing, acquiring and repositioning Class B office properties in Manhattan since 1980.

The term "Class B" generally is used to describe office properties that are more than 25 years old but which are in good physical condition, enjoy widespread acceptance by high-quality tenants and are situated in desirable locations in Manhattan.

"Listing on the New York Stock Exchange is a significant achievement for our firm, and unusual in that we are the sole 'Manhattan-only' real estate investment trust on the NYSE," said Stephen L. Green, chairman, CEO and president.

SL Green Realty Corp. owns, or has contracted to acquire interests in nine Class B office properties encompassing 2.2 million rentable square feet located in Midtown Manhattan, and will manage 29 office properties encompassing approximately 6.4 million rentable square feet.

Its properties include: 673 First Avenue, 470 Park Averrue South, the Bar Building (36 West 44th Street), 70 West 36th Street, 1414 Avenue of the Americas and 29 West 35th Street. Properties it will acquire include: 1372 Broadway, 1140 Avenue of the Americas and 50 West 23rd Street.

The company consists of seven operating divisions, each of which is headed by an executive team consisting of experts with experience in leasing, marketing, asset and property management, construction management and legal and accounting aspects of the real estate business. SL Green has a staff of more than 50.