SLG worth at least $40 IMO; and I have done a lot of work on this.
You are correct, the biggest problem is the short ETFs, like SRS, which seems to drive the trading and volatility in big names like SLG VNO SPG and others.
SLG won't make deals at any price; they know what they are doing. Holliday's point is that they will use the advantage of incumbency to try to capture every renewal. Doesn't mean they won't drive a hard bargain; but you do need to be realistic of the environment and a tenant's circumstances.
Meanwhile, SLG has very little lease rollover exposure in the short term.
Let me say it another way. A QUICK evaluation of SLG 25 million square ft of mostly mid town office space at a EV of 5.8 billion at the close today is $232 per square foot!!! Given the price of SLG's debt trades at 2/3 of par depending on the maturity the entire company can be purchased for about 4 billion dollars or well south of $200 per square foot. Rational thought will rule in the end. The risk reward ratio favors the equtiy holders!!!