NEW YORK CITY-Five months after taking over leasing and management at 100 Church St., SL Green Realty Corp. said Thursday that it is now the sole owner of the 21-story Downtown office property. The REIT had foreclosed this past autumn on the senior mezzanine loan for 100 Church after the property’s then-owner, the Sapir Organization, failed to make payments on $85 million in mezz cash it had borrowed from S.L. Green and Gramercy Capital.

S.L. Green says in a release that at the closing of the foreclosure, it funded additional capital as part of an agreement with Wachovia Bank to extend and restructure the existing financing for a new four-year term. Gramercy transferred its interest in the investment to S.L. Green, the release states.

In a conference call this past October, Andrew Mathias, S.L. Green’s president and CIO, said taking beneficial ownership of 100 Church would mean a leasing assignment of 600,000 square feet, or 58% of its 1.05-million-square-foot capacity. “We’re very confident our leasing team is up to the challenge,” Mathias said at the time.

In Thursday’s announcement, Mathias comments that his company “has a long track record of successfully leasing up previously-underperforming properties. We view this as a great opportunity to once again demonstrate the success of our targeted leasing and repositioning capabilities.” A Newmark Knight Frank team led by president James Kuhn and EVP Brian Waterman has a leasing program for 100 Church under way, the release states. SL Green also plans an extensive lobby renovation and other property improvements at the building, which dates from 1958 and has been largely vacant since 9/11.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.