Cushman & Wakefield Replaces SL Green as Worldwide Plaza Manager

Regulation
โดย CRE Daily·US·Read original
Summary · why it matters

Cushman & Wakefield has replaced SL Green as property manager of the nearly 2 million square foot Worldwide Plaza in Midtown Manhattan amid a court-supervised receivership. The 49-story office tower was just 51% occupied in June, with monthly net operating income running negative $484,000, according to the receiver. The management change stems from a foreclosure action filed in January 2026 by Goldman Sachs, Deutsche Bank and a trustee representing holders of the building's $940 million senior CMBS mortgage. A judge approved the transfer of management away from SL Green by July 1, after Hilco Global was appointed temporary receiver in March. The ownership dispute extends beyond the senior mortgage, as Extell Development acquired the building's $190 million senior mezzanine loan in October 2025 and scheduled a UCC foreclosure auction, while SL Green and RXR have appealed a court decision declining to block that auction.

Impact on stocks 4

Real Estate▲ · 2 stocks
Cushman & Wakefield plc
CWK
▲ PositiveCompetitionrelevance

Cushman & Wakefield replaces SL Green as property manager of Worldwide Plaza, gaining a major management contract.

Financials▲ · 2 stocks
Goldman Sachs Group Inc
GS
± MixedCapitalrelevance

Goldman Sachs is a lender in the foreclosure action, but the news does not directly affect its operations.

Off-coverage companies 3

RXRPrivate▼ Negative
Regulationrelevance

Court-supervised receivership and management transfer away from SL Green, with RXR's appeal over UCC foreclosure auction unresolved, indicating legal and operational setbacks.

Hilco GlobalPrivate▲ Positive
Capitalrelevance

Hilco Global was appointed temporary receiver, potentially earning fees from the receivership.

Extell DevelopmentPrivate± Mixed
Capitalrelevance

Extell Development holds the mezzanine loan and scheduled a UCC foreclosure auction, but the outcome is uncertain.

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