SL Green Restructures Management Team

"After our recent acquisition of Reckson Associates and other successful growth initiatives, it is essential that we continue to attract and retain the best executives to lead a much larger organization to even greater heights on behalf of our shareholders," says CEO Marc Holliday, in a statement. "This is especially true in the cases of Andrew and Greg, whose efforts and leadership have been instrumental to our success. The agreements and promotions announced today are in recognition of their performance and excellence achieved over the past three years."

Mathias has been CIO at SL Green since 2004, a position he will maintain along with the new title. He is also the CIO of Gramercy Capital and has been since the firm spun-off in 2004. Mathias has signed an employment contract retaining him through January 2011 in this position.

Hughes will continue in his role as CFO, which he has held since 2004, and will also take on the role of COO for the firm. His new contract extends his position to January 2010.

"In addition to the promotions of Andrew and Greg, it was important for us to make commitments to a number of other key people, offering them meaningful rewards for past contributions and incentives to play vital roles in our future success," Holliday says. "We have a great talent base here at SL Green, and we very much want to keep it intact."

Those other promotions include Andrew Levine as chief legal officer, Steven Durels as EVP and director of leasing and real property, Edward Piccinich as EVP and director of management and construction, Neil Kessner as EVP and general counsel of real property, David Schonbraun as managing director in the investments group, and David Balaj as SVP of the investments group.

SL Green also hired Isaac Zion, formerly of Tishman Speyer Properties, as managing director in the investments group.

Beyond the merger with Reckson, which gave the company six additional office buildings in Manhattan and significant holdings in Westchester and Connecticut, SL Green has made a number of acquisition plays in the last several months. Earlier this week the firm, in conjunction with Gramercy Capital, purchased the fee interest of 2 Herald Square for $225 million. In March, SL Green purchased 500 W. Putnam Ave. in Greenwich, CT for $56 million; at the same time SL Green disposed of 125 Broad St. in Manhattan for $273 million. Earlier in the month, the company bought 331 Madison Ave. and 48 E. 43rd St. for $73 million.