919 Third Ave. Picture courtesy of CommercialEdge
SL Inexperienced Realty Corp., in partnership with an institutional investor suggested by J.P. Morgan World Options, has refinanced the 1.5 million-square-foot 919 Third Ave. in Midtown Manhattan.
Aareal Capital Corp., along with Credit score Agricole Company and Funding Financial institution, issued the $500 million mortgage that carries an rate of interest 250 foundation factors over Time period SOFR, which the possession transformed into a hard and fast charge of 6.11 p.c. The three-year observe permits for 2 one-year extension choices.
READ ALSO: Workplace Homeowners Face Financing Dilemma
In line with CommercialEdge, the property’s earlier debt consisted of a $500 million mortgage collectively offered by Metropolitan Life Insurance coverage Co. and Pacific Life Insurance coverage Co. The 12-year mortgage was to mature this 12 months in June.
CBRE Vice Chairmen James Millon and Tom Traynor, together with Vice President Mark Finan, performed an advisory position within the present transaction.
A sustainable workplace landmark
Designed by Skidmore, Owings & Merrill, the Class A, 47-story workplace constructing got here on-line in 1970 and was most just lately renovated in 2022. A revamped foyer and upgraded entrances, in addition to on-site parking, banking amenities and eating choices are among the many facilities on the property.
The tower additionally incorporates sustainable options, together with HVAC methods geared up with MERV-16 media filters, mechanical methods for air filtration and a WellStat monitor for indoor air high quality. Moreover, the supplies that had been utilized in its development adhere to LEED requirements, are sourced responsibly, constituted of recycled supplies and are free from any dangerous toxins.
The property was 80 p.c leased on the time of closing. Its tenant roster consists of Bloomberg LP, Shulte Roth & Zabel LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC.
Manhattan closed the primary quarter of the 12 months with a emptiness charge of 16.50 p.c, marking a 50-basis-point enhance over the month, the most recent CommercialEdge report reveals. With an asking lease of $74.22 per sq. foot, the borough remained the priciest workplace market nationwide.
