NEW YORK CITY-The SL Green Realty Corp. and Reckson Associates Realty Corp. merger, which set a precedent of competing bids and unhappy shareholders for Equity Office Properties Trust to follow, closed today. But unlike Blackstone, which overbid a competing offer for EOP, SL Green stuck to its guns refusing to match or exceed other bids.

With the close of the merger SL Green now owns six new office buildings in New York City, which totals 5.6 million sf, and an additional 3.6 million sf in Westchester and Connecticut.

SL Green paid $31.68 for each of Reckson’s shares. The company also assumed $238.6 million of Reckson mortgage debt, $287.5 million of convertible debt and $987.8 million of unsecured Reckson notes, according to a release. At the close of business on Thursday, Reckson was delisted from the New York Stock Exchange.

As the merger closed, SL Green sold non-core assets to RexCorp Realty, a group of former Reckson executives including former Reckson CEO Scott Rechler. The new firm paid an estimate $2 billion for the properties, bringing its current portfolio to more than 11 million sf of class A properties. According to RexCorp’s website, the firm owns $3 billion worth of properties and has an additional $1 billion of projects under construction. Rechler is now the chairman and CEO of the Uniondale-based firm and Michael Maturo is president and CFO.

At the beginning of December Reckson shareholders voted in favor of the merger with SL Green, as reported by The vote of approval came after months of public debate about the value of Reckson that was jumpstarted by an unsatisfied shareholder and carried through by higher priced bids. In the end SL Green agreed to pay an additional $25 million to the $6-billion deal the companies entered into last August.

Before the merger closed, SL Green’s portfolio totaled 28 office buildings equaling almost 19 million sf. It also holds about 300,000 sf of retail.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.