SL Green takes sole ownership of 100 Church

New York /
Jan.January 21, 2010 10:08 AM

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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