SL Green Realty Corp. completes $25m capital improvements at 521 Fifth Ave.

SL Green Realty Corp. has reached the completion of its $25 million capital improvement program at 521 Fifth Ave., a 39-story office tower containing 462,853 rentable s/f. Located on Fifth Ave. at 43rd St., the building is the most recent example of SL Green's ongoing strategic repositioning efforts aimed at delivering greater value from its properties, particularly in the Grand Central Terminal submarket. The redevelopment of 521 Fifth Ave. is most visible by the restored façade of Deer Island granite and new glass and stainless steel storefront. Inside, SL Green has completely redesigned the lobby with Bianco Romano marble, tiger wood paneling and stainless steel accents, and new prominent entrance. The building also features new stone clad elevator cabs, upgraded security systems, new corridors and bathrooms, new windows and enhanced building infrastructure. Since the third quarter of 2006 when SL Green commenced its capital improvement program at 521 Fifth Ave., the building has signed 125,000 s/f of office leases with existing tenants seeking to lock in value and new tenants -- both attracted by the building's repositioned appeal and location. Occupancy levels have remained high at 97%. Leases executed during this period include, Shelby Collum Davis & Co. LLP, UK reinsurance firm, Hiscox, Inc, leading executive search firm, Sextant Search Partners, programming production and distribution company, Starz Media LLC, prominent father-daughter wealth management team, Alexandra and James (IDB Capital Corporation) and Royal Healthcare of Long Island. In the second quarter of 2007, Circuit City Stores, Inc., a leading national retailer, signed a new 15-year lease covering 25,866 s/f for part of the ground floor and the entire second floor. "The repositioning of 521 Fifth Avenue is a great example of the type of commercial real estate value creation SL Green has become associated with," commented Steven Durels, Director of Leasing and Real Property. "We are very pleased with our leasing results at the building since the start of our redevelopment program as these serve to acknowledge our vision for this Class A property as well as the continuing appeal of the Grand Central Terminal submarket where we currently own and manage sixteen office towers with over 8.6 million square feet." 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 September 30, 2007, the Company owned 31 New York City office properties totaling approximately 22,353,200 square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in, among other things, retail properties (10) encompassing approximately 393,789 square feet, development property (one) encompassing approximately 85,000 square feet and land interests (two), along with ownership of 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey. # # #