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Deals & Dealmakers

Co-owners Sage Realty and The Travelers Companies Secure a $155 Million Loan from Signature Bank to Refinance its Class-A Office Building at 777 Third Avenue

 Today, co-owners Sage Realty (Sage) — the leasing and management division of the William Kaufman Organization (WKO) — and the Travelers Companies announced the refinancing of 777 Third Avenue with a $155 million loan. The Class-A landmark office tower is located between 48th and 49th Streets in the Grand Central Business District. The five-year loan, with a five-year extension option, was provided by Signature Bank and will be used to repay the existing loan and fund future capital improvements at the property. Sage secured the loan in-house with Boris Katsman, Sage’s Chief Financial Officer, representing the company in the deal.

“This loan closing proves that even in a challenging financial climate, Sage is capable of moving forward with our plans through the support of a longstanding, trusted partner like Signature Bank,” stated Katsman. “777 Third Avenue is one of the Grand Central Business District’s most distinctive office towers and is currently 96 percent leased, which reinforces the quality of the property. When you have a great partner and a great asset, you can still achieve success in this market.” Signature Bank is a New York-based full-service commercial bank, and has been a valuable partner to Sage with a deep-rooted relationship.

The refinancing represents another exciting development for Sage in 2022. The company has invested heavily in improvements across its six-building portfolio throughout the year. These include the unveiling of a major repositioning of 767 Third Avenue and the launch of Oasis, Sage’s new amenity program first opening at 437 Madison Avenue. Sage has also closed on a loan to fund capital improvements to its property in the Financial District— 77 Water Street. Additionally, Sage has rolled out new programs for its tenants like Equip by Sage, a turnkey workplace solution, and implemented smart restroom technology across its portfolio with GP PRO’s KOLO™ Smart Monitoring System. Additionally, 777 Third Avenue is undergoing a 15-year mortgage refinancing with Aegon.

Built in 1963 by WKO, 777 Third Avenue features a U-shaped lobby with restored Italian Calacatta marble and shined East Indian laurel wood. The 38-story, 484,600-square-foot office tower offers an on-site parking garage, a messaging center, and is equipped with the most advanced, state-of-the-art technology, safety and emergency systems. 777 Third Avenue is conveniently located near the Grand Central Terminal, subways, world-class hotels, shops and restaurants.

For more information on 777 Third Avenue, and its available leasing space, visit the website https://777thirdave.com/ or contact Michael I. Lenchner, Sage’s EVP & Director of Leasing at mlenchner@sagerealty.com or by calling (212) 758-0437. 

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