SL Green, Manhattan’s largest office landlord, has extended Chairman and CEO Marc Holliday’s employment agreement by three-and-a-half years, according to a regulatory filing.
Holliday also will receive a one-time cash bonus if the firm's planned Times Square casino resort project should come to reality and meet certain performance targets, according to a filing with the Securities and Exchange Commission.
Holliday’s new term will last through July 18, 2028, SL Green said in the filing made this week. Moreover, the contract would be automatically renewed for successive one-year periods if neither party provides prior written notice of non-renewal, according to the filing.
Holliday joined SL Green, the Manhattan developer of the One Vanderbilt trophy tower that has direct access to Grand Central Terminal, as chief investment officer in 1998. He has served as its CEO since 2004 and became chairman in January 2019, according to SL Green’s website.
Holliday will receive a base salary of $1.4 million plus annual performance-based awards and other compensation, SL Green said. The real estate investment trust did not immediately respond to a request for comment.
The new compensation plan for Holliday “provides meaningful financial motivation” for SL Green to succeed across the different platforms including traditional office and casino, Piper Sandler analyst Alexander Goldfarb said in a report. SL Green’s “team more than works for its pay as shown by its dominant office positioning, which only occurred because of a decade of repositioning, the culling of lesser assets, and the strengthening of its leasing hand.”
Holliday also will receive a one-time cash bonus of $10 million in the event that its building at 1515 Broadway in Times Square is converted into a hotel and casino resort, subject to satisfaction of a projected profit milestone and start of operating revenue from the completed project, SL Green said in the filing.
As New York state is expected to issue up to three downstate casino licenses, SL Green and Caesars Entertainment are proposing a casino resort on the Times Square site as they vie against a slew of other developers from Related Cos. to Soloviev Group that have also put forward their competing bids.
SL Green’s proposal recently faced an objection from an executive with ties to the Hippodrome, a New York top-tier office building a block from Times Square, even as other office landlords have given their blessings.