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Deals & Dealmakers

SL Green, Vornado secure $1.2 billion loan for 280 Park Avenue

SL Green and Vornado have closed a $1.2 billion loan for 280 Park Avenue.

The floating-rate, interest-only mortgage matures in September 2024. The new loan replaces a $900 million mortgage from Deutsche Bank, which was scheduled to to mature in May 2023. SL Green and Vornado did not disclose the lender on the new mortgage.

The property is a 43-story tower near Grand Central. SL Green and Vornado acquired the building in 2011. The joint venture spent $150 million renovating the property; improvements include a redesign of the building’s facade and the adjacent public plaza.

The property is currently 97 percent occupied. Recent deals in the building include a 20,123 s/f lease for Japanese financial firm Orix USA Corporation and a 55,000 lease for private equity firm Antares Capital. Other tenants in the tower include investment management firm Cohen & Steers, Singaporean firm GIC and wealth manager Fiduciary Trust. The retail space in the building is occupied by Starbucks and brokerage firm Scottrade.

Last year, the Four Seasons restaurant signed a 19,000 s/f lease to occupy the tower’s ground floor. The restaurant is relocating from the nearby Seagram Building.

 

 

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