Shorenstein Properties has inked a deal for a $170 million financing for its 850 Third Avenue office building.
MetLife, Inc. is providing the floating rate loan for a three-year term.
850 Third, located between 52nd and 51st streets on the east side of midtown Manhattan, is a 21-storytower that was built in 1962 and renovated in 2008. The property is currently 91 percent leased, with 615,000 s/f available to rent. Tenants
include Discovery Communications, the City of New York, Shearman & Sterling LLP and Radio One. “This is a proven property with a strong tenant base in a core market for MetLife,” said Robert Merck, senior managing director and global head of real estate for MetLife. “We have a great relationship with Shorenstein Properties and look forward to working with them in this and other markets in the future.”
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