Meridian Capital Group negotiated $325 million in acquisition financing for the purchase of the leasehold interest in 32 Old Slip on behalf of RXR Realty LLC.
The five-year loan, provided by GE Capital, features a fixed-rate below three percent and interest-only payments for the full term. This transaction was negotiated by Meridian Capital Group senior managing director, Rael Gervis.
The 36-story office property, constructed in 1987, totals 1,161,400 s/f of space. The property is well-located on the Manhattan waterfront, directly across from the Pier 11 ferry terminal, and is within a short walking distance from the 1, 2, 3, 4, 5, N, R, J and Z subway lines as well as the Staten Island ferry. Tenants of the building also enjoy unobstructed views of the East River, Downtown Brooklyn and New York harbor.
RXR bought 32 Old Slip from Beacon Capital Partners for $675 million earlier this year.