


Exhibit 99.1

SL GREEN REALTY CORP.

For Further Information, Contact:
Marc Holliday
President
Michael W. Reid
Chief Operating Officer
(212) 594-2700

FOR IMMEDIATE RELEASE
---------------------


SL GREEN REALTY CORP. ANNOUNCES THE ACQUISITION

OF 317 MADISON AVENUE

NEW YORK, June 7, 2001 - SL Green Realty Corp. (NYSE: SLG) announced today
that it has closed the acquisition of 317 Madison Avenue for an aggregate
price of $105.6 million. The property was acquired from Richfield Investment
Company.

The 22-story building is located at the Northeast corner of Madison Avenue and
42nd Street with direct access to Grand Central Station located just one-half
block away.

SL Green intends to significantly reposition and upgrade the property,
capitalizing on its strategic location at one of Manhattan's most important
intersections. The property is being purchased at a going-in cash yield of
approximately 7.2%. After upgrading the building, SL Green expects significant
near-term upside from the re-leasing of space upon the expiration of leases,
which are below current market levels. Market office rents are a substantial
premium to the current in-place average rents, which are under $30 per square
foot for existing leases.

The acquisition will be funded, in part, with proceeds from the previously
announced sale of 1412 Broadway in a reverse 1031 tax-free exchange, thereby
deferring capital gain resulting from such sale. The balance of the
acquisition will be funded using the Company's line of credit.

In making the announcement, Stephen L. Green, Chairman and CEO of SL Green
said, "317 Madison Avenue is a perfect example of our investment strategy. The
building has a unique location at a key crossroads in Midtown Manhattan, less
than a block from a New York transportation hub, Grand Central Station, and in
the heart of an area undergoing dramatic revitalization. We are purchasing the
building at a substantial discount to replacement cost and with a major
opportunity to upgrade and re-merchandize the retail space. We intend to fully
reposition and upgrade the building in order to capture the significant upside
of this well located property and to create a great long-term core asset for
the Company."





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Marc Holliday, President of SL Green added, "317 Madison Avenue is a great fit
for our investment program and will be a significant contributor to earnings
growth. Coupled with our recent sales and joint venture activity, we believe
that with this purchase we have been able to effectively recycle and re-deploy
our capital in order to upgrade our portfolio. We feel that with this
acquisition we can achieve a high return on invested capital while creating
significant long-term value for our shareholders."

Cushman & Wakefield, Inc. and Williamson, Picket, Gross, Inc. acted as the
exclusive advisors in this transaction.

SL Green Realty Corp. is a self-administered and self-managed real estate
investment trust ("REIT") that primarily owns, manages, leases, acquires and
repositions office properties in Manhattan.

This release contains forward-looking information based upon the
Company's current best judgement and expectations. Actual results could vary
from those presented herein. The risks and uncertainties associated with the
forward-looking information include the strength of the commercial office real
estate market, competitive market conditions, general economic growth,
interest rates and capital market conditions. For further information, please
refer to the Company's filings with the Securities and Exchange Commission.

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