SL Green has refinanced 100 Park Avenue with a $360 million loan from German-based Aareal Capital Corporation.
Cushman & Wakefield served as the exclusive advisor to SL Green Realty Corp. and its joint venture partner, Prudential Real Estate Investors (PREI), in replacing a 2014 loan from Landesbank Hessen-Thüringen.
The JV acquired the 36-story midtown office building for $192 million in 2002 and spend over $70 million upgrading the 903,000 s/f property, turning it into a LEED Gold-certified trophy tower commanding some of the highest rents in the city. Major tenants include Wells Fargo, BDO Seidman and ABN AMRO.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan and Capital Markets team of Adam Spies and Kevin Donner represented SL Green Realty Corp. and PREI in the refinancing.
“SL Green and their partner have done a remarkable job refurbishing and managing this iconic office asset. The property’s proximity to Grand Central is highly attractive to employees from within the city as well as to commuters from the suburbs, who would not require a second means of transportation,” said Kohn.
“Lenders were highly attracted to the LEED Gold-certified asset and its stalwart tenancy that has maintained 95%+ office collections throughout the COVID-19 pandemic,” added Hernandez. “Aareal was thoughtful with loan terms and will be an exceptional financing partner for the ownership as they continue to manage this property to their distinguished standards.”