Wachovia sells office building at $41 million loss

Wachovia Corp. has agreed to sell an office tower at 1372 Broadway for
$41 million less than what it paid last year when it became the property’s
majority owner. Wachovia, owner of an 85 percent stake in the building,
and minority shareholder SL Green Realty Corp. are trading the 21-story
property for $294 million, or around $542 per square foot. The buyer is
a joint venture led by Lloyd Goldman, a local investor. Wachovia
acquired its controlling interest in the 541,752-square-foot building
from SL Green in July 2007 for $335 million. The fourth-largest bank in
the country reported earlier this week that it will post a
second-quarter loss of at least $2.6 billion due to woes in its
residential mortgage business.