The Real Deal New York

Posts Tagged ‘100 Church Street’

  • 100 Church Street and 330 West 34th Street, which had the largest government leases in 2012

    Leasing by nonprofits and the city’s agencies and departments soared 64 percent last year to 4.2 million square feet, according to a report by Cassidy Turley, cited by the New York Observer. [more]

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  • From left: Steven Durels and 100 Church Street

    Once the butt of jokes, 100 Church Street is now completely stabilized under the stewardship of SL Green Realty, according to the New York Post. SL Green just landed an early, 20-year renewal from the city’s Law Department for 372,520 square feet at the 1 million-square-foot-plus building, between Park Place and Barclays Street. In addition to bringing the tower to 82-percent-occupied, SL Green also refinanced the building with a 10-year, $230 million fixed-rate loan. [more]

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  • Fourth quarter won’t deliver, execs say

    November 03, 2011 10:27AM

    From the November issue: The Manhattan office leasing market began the year on a tear, leading executives as recently as four months ago to predict that volume could top 30 million square feet in relocation and expansion deals. Now, however, professionals — who have seen demand wane in the second half of the year — expect activity will fall far short of that.

    Indeed, the fourth quarter — often a bright seasonal spot as firms try to wrap up leases before the end of the year — won’t deliver, sources say.

    Leasing for 2011 is expected to reach only 25 million or 26 million square feet, barely ahead of last year’s 24 million square feet, figures from commercial firm CBRE show. The last three months of the year are not expected to help. “We are anticipating it being a slightly softer quarter than we have seen in the last three or four quarters,” Matthew Van Buren, president of CBRE’s Tri-State region, said last month at a media briefing. … [more]

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  • Gregory Kraut, formerly of CB Richard Ellis, and 100 Church Street

    Canadian commercial property firm Avison Young continued its American expansion kick with its first hire in Manhattan, tapping a mid-level CB Richard Ellis leasing broker, Gregory Kraut, to start the difficult task of building a New York City office.

    Kraut, who had been at CBRE for six years focusing on representing tenants, was most recently a first vice president working closely with David Hollander, a company senior vice president. Thirty-five-year-old Kraut was hired this month and will be a principal at the new firm.

    The Real Deal reported in June that Avison Young, a private, independent firm headed by CEO Mark Rose was looking to open an office in Manhattan. Young brokers have been in high demand recently. Last week Eric Anton and Ronald Solarz, both in their 40s, left Eastern Consolidated for real estate investment firm Brookfield Financial, and earlier this month Oklahoma-based net lease brokerage Stan Johnson opened an office in Manhattan with former Massey Knakal agent Jason Maier. … [more]

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  • Landlord SL Green has signed on tenants for 150,000 square feet of space in Manhattan, the New York Post reported, first at the former Revlon building at 625 Madison Avenue and then at 100 Church Street.

    Polo Ralph Lauren is expanding its corporate headquarters by 91,417 square feet at the Madison Avenue location at 59th Street, the Post said, pushing out Centerline Capital Group, which needed slightly less space than it had at the site and will be moving to Church Street.

    Centerline is taking 57,945 square feet at the Church Street location, and will move by the end of 2011.

    SL Green Executive Vice President Steven Durels said the asking rent at the now fully-leased 625 Madison Avenue was $68 a square foot. … [more]

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  • It’s still unclear whether rumors about 100 Church Street’s big deal with Sirius XM Radio are true, but in the meantime, the Anne Frank Center USA has definitely signed on to lease space in what was once known as New York City’s emptiest office building. According to the Wall Street Journal, the non-profit organization has taken 2,500 square feet of ground-floor space at the building, and will open in time for the 10-year anniversary of the Sept. 11 terrorist attacks this year. The Anne Frank Center, which describes itself as “a community center
    that promotes tolerance and human rights,” is currently located on
    Crosby Street but is looking forward to bringing that message closer to
    Ground Zero, said co-chair Deborah Chapin. The space is also around the
    corner from the site of the controversial proposed Islamic community
    center known as Park51. … [more]

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  • Sirius XM Radio to 100 Church?

    April 12, 2011 10:18AM

    Sirius XM Radio is setting its sights on SL Green’s 100 Church Street, potentially making it the latest in a string of Midtown media companies decamping to Lower Manhattan (see also: Conde Nast, the Daily News, National Enquirer parent company American Media). According to the Observer, Sirius is looking to take more than 250,000 square feet of office space at the building, or 180,000 square feet of contiguous space, though it’s not a done deal just yet. A major new tenant like Sirius would be a boon for SL Green, which purchased 100 Church Street, once derided as the emptiest building in Manhattan, from the Sapir Organization last January. … [more]

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  • A non-profit healthcare provider has moved in at 100 Church Street,
    becoming the first large new tenant in years to sign a lease at the
    Lower Manhattan office building, according to the New York Post.
    Commercial real estate firm SL Green took control of the building from
    Alex Sapir six months ago,
    after the company defaulted on its loan last August. The new tenant,
    Healthfirst, will take 172,000 square feet of space at the building,
    which has been approximately 50 percent vacant for five years. While
    it’s unclear how much Healthfirst will pay, the asking price on the
    space was $40 per square foot. [Post, 1st item]

    [more]

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  • From left, 100 Church Street, 260-261 Madison Avenue and Tamir Sapir

    The Sapir Organization is facing litigation from commercial real estate brokerage Rosenhaus Real Estate, which claims the developer failed to pay commissions at its 260-261 Madison Avenue office complex in Midtown and its former offi … [more]

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  • From left, 100 Church Street, 260-261 Madison Avenue and Tamir Sapir

    The Sapir Organization is facing litigation from commercial real estate brokerage Rosenhaus Real Estate, which claims the developer failed to pay commissions at its 260-261 Madison Avenue office complex in Midtown and its former offi … [more]

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  • SL Green CEO Marc Holliday and 600 Lexington Avenue

    SL Green has come out with an official announcement of its 600 Lexington Avenue takeover from a joint venture led by Hines US Core Office Fund for $193 million, or $636 per square foot. The price was previously reported at under $180 million. Under the terms of the deal, SL Green will assume $49.85 million of debt on the 36-story office tower, for which the 5.74 percent interest-only loan matures in March 2014. The building is currently 93.6 percent leased, though 54 percent of its space will become available over the next three years. “We moved aggressively to lock up this opportunity, and there exists a strong likelihood that we will be able to attract a joint venture partner on this asset,” said CEO Marc Holliday. The city’s largest landlord has been on somewhat of an acquisition tear lately. The company purchased 100 Church Street at a foreclosure auction earlier this year and recently snatched up the debt on Macklowe Properties’ 510 Madison, on which it is now trying — with some difficulty — to foreclose. TRD[more]

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  • SL Green is buying Hines Interests’ 600 Lexington Avenue for almost $180 million, or $700 a square foot, sources told Crain’s. The 282,000-square-foot office tower is one of three major city properties of its kind that had been attracting attention from investors while on the market despite the sector’s slump. All three — the others are 340 Madison Avenue and 125 Park Avenue — are being marketed by Darcy Stacom and Bill Shanahan of CB Richard Ellis. The acquisition for the city’s largest landlord follows that of 100 Church Street, which SL Green picked up at a foreclosure auction earlier this year. The company also recently bought the debt on 510 Madison Avenue, on which a foreclosure is scheduled for next week pending a hearing tomorrow. [Crain’s]

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  • 510 Madison Avenue, Harry Macklowe of Macklowe Properties (top) and Marc Holliday of SL Green (bottom)

    Despite Macklowe Properties’ bid for an extension on a $185 million loan at 510 Madison Avenue, SL Green Realty has plans to begin collection proceedings on the loan March 1, according to Crain’s. SL Green had bought the loans associated with 510 Madison Avenue from Union Labor Insurance toward the end of last year, in what many saw as a move to take over the building. SL Green took a similar strategy at 100 Church Street, the one-time property of the Sapir Organization, which it took over through its role as debt holder last month. While SL Green is remaining mum on the 510 Madison building, Stephen Meister, a Macklowe attorney, said his company will “take prompt legal action” if SL Green doesn’t allow the loan extension. … [more]

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  • SL Green Realty has taken sole ownership of 100 Church Street, the 1.05 million-square-foot office tower in the Financial District that is currently 58 percent vacant, according to SL Green. The Sapir Organization defaulted on its loan in August, after which SL Green took over the building’s management and leasing. Following a foreclosure auction earlier this month, SL Green had taken over a 50-50 ownership stake in the property with Gramercy Capital for just $10,000, with an agreement to work out the $145 million senior mortgage from Wachovia Bank. Gramercy has since declined to fund its share of the capital to extend and restructure the debt, and instead transferred its interest to SL Green. The company now plans to begin lobby renovations and other improvements to the property and has enlisted the help of Newmark Knight Frank to increase occupancy at the building, which has been struggling to retain tenants. SL Green did not immediately respond to requests for comment. TRD

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  • From left: SL Green’s Andrew Mathais, Roger Cozzi of Gramercy Capital, Alex Sapir of the Sapir Organization and 100 Church Street

    Five months after taking back 100 Church Street from the Sapir Organization, SL Green and Gramercy Capital won the auction this morning to take over the Lower Manhattan office tower for only $10,000, as investors grew leery of millions of dollars in debt and empty space at the troubled office tower.

    SL Green, the former owner of Gramercy Capital and a current investment partner, will share 50-50 ownership of 100 Church. SL Green took over management and leasing of the building in August, according to sources, and will remain in that role.

    The new owners must also work out the defaulted senior debt, a $145 million senior mortgage from Wachovia Bank.

    SL Green President Andrew Mathias, in an October conference call with investment analysts, said he expected the company to acquire additional properties through similar mezzanine auctions.

    “As we have indicated on prior calls, we expect this market environment to produce additional opportunities within our mezzanine portfolio like 100 Church, giving us opportunity to grow our portfolio with quality assets at an attractive basis,” Mathias said on the call, according to a transcript by Seeking Alpha. … [more]

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  • 335 Madison Avenue and Edward Goldman, an executive vice president with CBRE

    Fighting back after losing millions of square feet in leasing agency assignments in recent months, commercial services firm CB Richard Ellis picked up the assignment for the 1.1 million-square-foot 335 Madison Avenue, Edward Goldman, a company executive vice president, told The Real Deal. The news comes two months after CBRE picked up the assignment for the 430,000-square-foot 101 Sixth Avenue in Hudson Square, but after losing the Empire State Building, 100 Church Street and others. The new assignment is welcome news for the brokerage. Because of losses such as 100 Church Street, CBRE is agent for nearly 7 million fewer square feet in Manhattan since September. As of this week, it was leasing agent for buildings, covering 55.5 million square feet, down from 62.2 million square feet three months ago, according to data from research firm CoStar Group. CBRE signed on earlier this month as leasing agent for the Milstein Properties Midtown building at Madison Avenue between 43rd and 44th streets, Goldman said. Before taking over, leasing had been handled by the Milstein in-house firm MB Real Estate. … [more]

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  • SL Green expected to win 100 Church Street

    December 02, 2009 02:50PM

    SL Green is poised to take over 100 Church Street

    Manhattan commercial property landlord SL Green Realty is positioned to take ownership over 100 Church Street, a Financial District office building that has struggled to retain tenants, the Wall Street Journal reported. The firm has long been the assumed future owner of the building — with the building’s January auction on the horizon, industry experts say other investors are unlikely to outbid SL Green. The group, which took control over 100 Church Street after the Sapir Organization defaulted on its loan in August, is one of the building’s biggest lenders and is angling to protect its investment, according to Michael Knott, an analyst with Green Street Advisors. “This is a situation where [SL Green] will have to put in some capital and work some leasing magic to salvage their total investment,” Knott said. According to him, the plan to acquire the building “is a lot better than just foreclosing and selling an empty building.” … [more]

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  • Commercial brokerage Newmark Knight Frank has been tapped to take over leasing at the troubled Financial District office building 100 Church Street, an industry source said. SL Green Realty, a holder of mezzanine debt on the 21-story building, took over management and leasing in August from the owner Sapir Organization, which purchased it in 1997. That month, SL Green vice president Steve Durels told the Observer that commercial brokerage CB Richard Ellis, which was the leasing agent at the time, was on the top of a list of candidates for the building. … [more]

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  • The Sapir Organization’s 100 Church Street, which SL Green Realty took over last week, is slated to be sold at auction Oct. 15. SL Green controls most of the mezzanine debt on the property, sources told Crain’s. SL Green has hired Eastdil Secured to solicit interest from potential auction bidders. But in previous similar cases, such as Fortress Investment Group’s purchase of Sheffield57, the lender has ended up purchasing the property at auction. … [more]

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  • alternate textAlex Sapir and 100 Church Street

    SL Green Realty Corp. has taken over leasing and management at 100 Church Street, after the Sapir Organization handed over control. Sapir had failed to pay approximately $85 million in loans to lenders SL Green and Gramercy Capital, and subsequently sued the two organizations earlier this month in a move to prevent the groups from foreclosing on the tower. In the suit, Sapir alleged that the lenders had hindered its ability to close leasing transactions. The complaint is now defunct. According to Crain’s, this latest move in the 100 Church Street saga shows Sapir’s desire to shed responsibility of the building, which is approximately 60 percent vacant. … [more]

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