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Debt & Equity

NYLREI antes up $500M for 11 Times Square financing

11 Times Square
11 Times Square

New York Life Real Estate Investors announced today the financing of Eleven Times Square, a state-of-the-art 1.1 million square foot, LEED Gold certified, Class A trophy office building located in midtown Manhattan.

Situated immediately north of The New York Times building, Eleven Times Squareis owned by a partnership comprised of affiliates of Prudential Real Estate Investors, Norges Bank Investment Management and SJP Properties.

The $507 million loan has a term of 10 years. SJP Properties, as the operating partner, will continue to manage and lease the building and will maintain its New York City headquarters in the building.

 “New York Life Insurance Company and our co-lenders, Northwestern Mutual and New York State Teachers’ Retirement System, are very pleased to provide financing for this outstanding asset. Eleven Times Square is one of Manhattan’s newest office towers, featuring the highest quality construction and finishes. The property has an impeccable tenant roster and is conveniently located near numerous subway lines, Port Authority, Grand Central and Penn Station,” said Eric Becher, Senior Director at New York Life Real Estate Investors. “The loan represents a continuation of our long term relationship with these teams of premier real estate owners and co-lenders.”

 

Eastdil Secured arranged the financing on behalf of the borrower.

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