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.
The asking rent for the building was $38, which has become an attractive price point for tenants seeking large floor plates in the downtown market, according to Steven Durels, an executive vice president with the firm.
The Post noted that these developments are a marked turn-around for the property. Several high-profile leases collapsed at the building when it was owned by the Sapir Organization, which also installed 22 Swarovski chandeliers in the lobby that provided the fodder for many industry jokes, according to the Post. By the time SL Green took control of it in 2010 it was just 60 percent occupied. [Post, 2nd item]