Beacon Capital Partners has refinanced its share of 575 Fifth Avenue with a $309 million loan.
TPG Real Estate Finance has provided the finance against 370,000 s/f of office space at the 522,346 s/f building in midtown.
The loan allowed Beacon Capital Partners to retire $321 million of debt that Deutsche Bank provided in 2015 to help fund the Boston real estate investment firm’s purchase of the space from Metropolitan Life Insurance Co.
Beacon launched a repositioning of the property the following year after L’Oreal announced ti would relocate from its longtime headquarters in the building to the new Hudson yards.
The owner has since welcomed several new tenants including WeWork, which occupied four floors of the newly renovated Class A building. Other office tenants include Barneys New York, Westpac Banking Corporation and Northwood Investors.
The building offers tenants a 6,000 s/f conference center and tenant lounge, a bike room, messenger room and ea 24/7 manned desk.