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SL Green CEO Marc Holliday with 11 Madison Avenue and 100 Park Avenue (SL Green, Google Maps/Illustration by Alexis Manrodt for The Real Deal)
On Thursday’s earnings call, SL Green CEO Marc Holliday linked the company’s upcoming shift in headquarters from the Graybar Building to One Vanderbilt with his sunny outlook on the New York office market. The real estate investment trust owns both buildings.
He noted an improvement in “the psychology and the market vibe” in recent months, as tenants have made plans to return to the offices by late summer. SL Green’s new chapter, Holliday said, “coincides with the reconstruction of New York City.” That will be marked by the Covid vaccine rollout, “the easing of Covid restrictions, the promise of federal stimulus for cities and states, and a gradual return of the workforce to offices and other places of business,” he said during the Q4 call’s opening remarks.
Capital Abounds, And It Needs A Place To Go
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As I am typing, the market sits at 30,000 exactly on the Dow, really close to 4,000 points higher than it was in the middle of the day on Friday, October 30 (it closed at 26,500 that day). Now, pre-market futures at the time of writing are down 100 points or so, and each minute, hour, day creates new opportunities for an uptick or a downtick, but the point I am making is nothing more than the empirical fact that …
Over the last 42 days, the market is up very close to 4,000 points
Over the last 42 days, Joe Biden has won the Presidency