JLL Capital Markets experts have arranged a $43 million loan on behalf of Witkoff Group to refinance two office condominiums serving as the New York headquarters of Major League Soccer (MLS). Deutsche Bank was the lender on the transaction.
Aaron Appel, Keith Kurland, and Jonathan Schwartz, Vice Chairmen; Adam Schwartz, Managing Director; Jackson Sastri, Executive Vice President; and Michael Ianno, Anaylst, negotiated the financing.
“Witkoff has extensive knowledge of the office condominium market and has been involved in many notable acquisitions and projects in Midtown and throughout Manhattan,” said Appel. “We are pleased to have been able to refinance with the existing lender on terms that benefit both parties.”
420 Fifth is a 28-story institutionally managed Class-A office condominium that occupies the entire block between 37th and 38th streets in Midtown Manhattan.
Built in 1990, the property has 45 condominium units occupied by a prestigious roster of companies and institutions, including the Rockefeller Foundation, Marist College and Italian eyewear company, Luxottica.
MLS first took occupancy at 420 Fifth Avenue in May 2005 and has steadily renewed and expanded within the property, signing a long-term lease for its current 64,211 s/f of office space across the entire sixth and seventh floors.
“Midtown continues to be one of the most sought after and active office markets in Manhattan,” said Kurland. “With MLS’ continued commitment to the property and best-in-class ownership such as Witkoff, the unparalleled appeal of this offering was unquestionable.”
420 Fifth Avenue is the only Class-A office condominium on Fifth Avenue. The 605,515 s/f building has a dramatic, contemporary two-story lobby that is attended 24/7, and modern building systems. It is located at the heart of Midtown and accessible to the entire metropolitan region via mass transportation at Grand Central Station, the Port Authority Bus Terminal, and Penn Station.
Created in 1993, MLS now has 24 professional teams located in the U.S. and Canada. With an average attendance of over 20,000 per game, it has the third highest average attendance of any sports league in the U.S. after the National Football League (NFL) and Major League Baseball (MLB).