More Trouble for City's Biggest Office Landlord?

New York City's largest office landlord may be in for some bad news, according to the Wall Street Journal.

SL Green, a REIT that owns 30 New York City office properties totaling 23,719,200 square feet, is the largest shareholder in another REIT called Gramercy Capital Corp, which, according to its Web site, "was formed in April 2004 to provide customized commercial real estate finance products to sophisticated property investors in markets throughout the United States."

Today, the Journal reports that Gramercy, which will soon schedule its third-quarter earnings release, may well be in trouble, like so many others in the real estate finance business. That, in turn, could spell trouble for SL Green:

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