Worldwide Plaza Loses SL Green As Manager Amid Foreclosure

Key Takeaways

• Cushman & Wakefield has replaced SL Green arsenic spot manager of the astir 2M SF Worldwide Plaza amid a court-supervised receivership.

• The 49-story Midtown bureau operation was conscionable 51% occupied successful June, with monthly nett operating income moving antagonistic $484,000, according to the receiver.

• A three-way combat among CMBS bondholders, SL Green and RXR, and Extell Development could find who yet controls the distressed asset.

Worldwide Plaza, a astir 2M SF Midtown bureau tower, has mislaid SL Green arsenic its spot manager arsenic a foreclosure conflict implicit the distressed plus escalates, arsenic noted by Bisnow. Cushman & Wakefield has taken implicit day-to-day absorption nether a court-approved transition, adding different setback for owners SL Green and RXR.

The alteration comes arsenic the gathering contends with anemic occupancy, antagonistic currency travel and competing claims from its elder lenders and Extell Development. Court filings amusement the spot remains nether receivership portion aggregate parties prosecute power of the asset.

A Court-Ordered Management Shift:

The absorption alteration stems from a foreclosure enactment filed successful January 2026 by Goldman Sachs, Deutsche Bank and a trustee representing holders of the building's $940M elder CMBS mortgage. A justice approved the transportation of absorption distant from SL Green by July 1, aft Hilco Global was appointed impermanent receiver successful March.

The receiver has since established caller spot slope accounts, obtained replacement security coverage, hired a taxation advisor and brought successful caller leasing brokers. Wilmington Trust present represents the bondholders aft Goldman Sachs and Deutsche Bank were removed arsenic plaintiffs.

Worldwide Plaza's Occupancy Problem:

The details underscore wherefore Worldwide Plaza has go 1 of New York's astir intimately watched distressed bureau assets. The 49-story operation mislaid its largest tenant erstwhile instrumentality steadfast Cravath, Swaine & Moore vacated 617K SF successful 2024, and an appraisal successful 2025 chopped the property's worth by $1.4B.

SL Green reported 61% occupancy arsenic of June 30, 2026, but the receiver's June study enactment occupancy astatine lone 51%. The receiver besides reported monthly nett operating income of antagonistic $484,000. WNET is preparing to permission its 95K SF erstwhile its lease expires astatine the extremity of August 2026, portion West Monroe Partners has sought an hold of an enactment related to its information deposit.