Marc Holliday

Where does one begin when talking about SL Green?

One could start with 346 Madison Avenue. This is the old Brooks Brothers building (catty corner to SL Green’s other behemoth, One Vanderbilt) purchased last year for $160 million.

“This will be an 800,000-square-foot tower, close to 1,000 feet of height,” said Marc Holliday. “It’ll be a $2 billion project.”

Exact plans have been quietly shown around to a select audience (completion date is roughly 2031), but the amenity package that Holliday et al. are planning is on the level of One Vanderbilt — only more so.

“We tried to go the extra mile, to make it not just functional but something that for a little extra spending around the margin becomes a real landmark and community asset,” Holliday told Commercial Observer.

And, in this market, one can be ambitious with new development. “There is no new [construction] in Midtown East for the balance of this year, ’27 or ’28. Not one.”

One can see the value of a Class A office play in the other buildings in SL Green’s portfolio. “We finished [2025] at 93 percent leased. We’re going to finish this year at 95 percent across 30 million square feet,” Holliday said. “Obviously, that’s far ahead of the market and far ahead of my peers.”

Crown jewels like One Vanderbilt have no space left to rent. Neither does last year’s favorite child, One Madison, which scored leases like Harvey AI, Sigma Computing and IBM — which all took big chunks only to come back months later asking for more. Just this last quarter, SL Green did about 930,000 square feet of leasing, which is the strongest first quarter in the real estate investment trust’s history.

While office might be SL Green’s bread and butter, the REIT can also recognize the opportunities in converting older offices with iffy occupancy. They’ve started internal demolition on 750 Third Avenue, an $800 million, 700-unit project (25 percent of which will be affordable) that’s one of Manhattan’s largest conversion projects.

SL Green also closed a debt fund platform in the middle of the last year at $1.3 billion. (It was oversubscribed and about two-thirds international investors. So, take that, New York skeptics!) The REIT, too, is now one of the country’s top special servicers. (“We’re the No. 1 large-loan, single-asset/single-buyer special servicer,” Holliday said.)

And we would be remiss if we didn’t mention the $730 million purchase of Park Avenue Tower from Blackstone last fall — which gives SL Green “an unparalleled presence on Park.” (Don’t believe him? 500 Park, 450 Park, 280 Park, 245 Park, 125 Park and 100 Park Avenue would like a word.)

One wonders what Holliday does when he’s off the clock. Well, it’s not SL Green work, but he’s overseeing the reconstruction of Long Island’s Belmont Park. It’s no surprise this guy knows something about racing hard.