SL GREEN TAKES CONTROL OF 100 CHURCH STREET

NEW YORK CITY — SL Green Realty Corp. has taken over as sole owner of 100 Church Street, a 1.05 million-square-foot office tower located in downtown Manhattan, New York City. SL Green initially acquired a 50 percent interest in the tower's senior mezzanine loan and two additional mezzanine loans from Gramercy Capital Corp. in 2007. In August 2009, SL Green obtained management and leasing control of the property on behalf of the mezzanine lender, which foreclosed on it. As part of the foreclosure, SL Green reached an agreement with Wachovia to provide additional capital to extend and restructure the property's current debt. Gramercy declined to fund its share of this transaction, and instead chose to transfer its interests to SL Green. SL Green has brought on Newmark Knight Frank to launch an aggressive leasing campaign for the property, which is currently 42 percent occupied. It will also complete capital improvements to the building.