Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT

Gregory F. Hughes

Chief Operating Officer and

Chief Financial Officer

-Or-

Heidi Gillette

Investor Relations

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

FOURTH QUARTER 2008 AND FULL YEAR FFO OF $1.30 PER SHARE

AND $6.19 PER SHARE

Fourth Quarter Highlights

·                  Fourth quarter FFO totaled $1.30 per share (diluted) compared to $1.24 per share (diluted) during the fourth quarter of 2007, an increase of 4.8%.  FFO for the twelve months ended December 31, 2008 increased 7.1% over the same period in the prior year to $6.19 per share (diluted).

·                  Net income available to common stockholders for the fourth quarter of 2008 totaled $1.60 per share (diluted) compared to $2.16 per share (diluted) in the same period in the prior year. Net income available to common stockholders for the twelve months ended December 31, 2008 totaled $6.69 per share (diluted) compared to $10.78 per share (diluted) in the prior year.

·                  Signed approximately 1.3 million square foot lease extension with Viacom International, Inc. at 1515 Broadway. Occupancy at quarter end for the Manhattan portfolio was 96.7%.

·                  Signed an additional 37 Manhattan office leases totaling 248,690 square feet with average starting rent of $71.49 during the fourth quarter.  Average Manhattan office starting rents increased by 64.5% on these leases over previously fully escalated rents.

·                  Recognized combined same-store GAAP NOI growth of 4.2% during the fourth quarter, including 5.3% from the consolidated same-store properties and (0.1%) from the unconsolidated joint venture same-store properties. These amounts include approximately $7.4 million of additional accounts receivable reserves recorded during the quarter.  Excluding these reserves combined same-store GAAP NOI growth was 9.8%.

·                  Repurchased approximately $348.6 million of the Company’s convertible bonds, realizing gains on early extinguishment of debt aggregating approximately $117.9 million. Approximately $86.0 million of these repurchases settled in 2009.

·                  Sold $99.7 million of structured finance investments and realized net gains of approximately $9.3 million.  Separately, recorded approximately $84.8

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