SL Green expected to win 100 Church Street

December 02, 2009 02:50PM

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.”

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