Andrew Mathias to Step Down as President of SL Green After Two Decades
By Mark Hallum October 10, 2023 11:59 am
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Andrew Mathias, president of SL Green Realty, will leave his post once his employment contract is up at the end of the year, after nearly two decades, the company announced Tuesday morning.
SL Green did not disclose who will take over for Mathias, who began with the company in 1999 as vice president, but said Mathias would remain on the board of directors and serve as an adviser to the CEO, Marc Holliday.
“Andrew has been a true partner in everything we’ve accomplished at SL Green from the very beginning, working side by side to take this company from [initial public offering] to the undisputed market leader in New York City,” Holliday said in a statement. “Andrew’s imprint will be felt on this company for years to come, as his vision and leadership live on across our entire portfolio and the countless team members he has mentored.”
After starting with SL Green, Mathias served as chief investment officer for a stint before being named president in 2007. The company credited him with helping turn SL Green into one of New York City’s largest commercial landlords and seeing it through the pandemic, specifically with the September 2020 opening of 1 Vanderbilt.
The opening of the 77-story building, which cost $3 billion to construct, was in the making for nearly as long as Mathias had been with the company, and its completion came during uncertain times.
“It has been an extraordinary experience helping to lead this industry-leading company for nearly a quarter century, and I couldn’t be prouder of everything we’ve achieved for our shareholders, our employees and our city,” Mathias said in a statement.
The move by Mathias to step down was seen as helping SL Green “aggressively” cut costs as SL Green and other real estate investment trusts deal with declining stock prices, low occupancy rates and a slow office leasing market, Crain’s New York Business reported.
In 2022, Mathias earned nearly $12 million, according to a proxy letter to investors from SL Green, with the majority of it coming in the form of equity. His base salary was $950,000.
Mark Hallum can be reached at mhallum@commercialobserver.com.
