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TIAA-CREF secures $190M loan to spruce up 685 Third Ave
Five year debt deal with MetLife closed earlier this month
MetLife has provided a $190 million loan to fund upgrades to TIAA-CREF and the Australian Government Future Fund’s 685 Third Avenue.
The five-year debt deal closed earlier this month, according to the New York Observer. The 31-story tower doesn’t have any other existing debt. TIAA-CREF and the Australian sovereign wealth fund acquired the more than 646,000-square-foot property in 2010 from Pfizer for $190 million.
Last year, the Foundation for the Global Compact, a Midtown East-based nonprofit that partners with the United Nations, signed a lease for 27,235 square feet at the tower.
Last year, renovations to the building’s lobby, and a new pocket park were completed as part of a capital improvement plan.
The Tribune Media Company, Crain Communications, Luke’s Lobster and Salesforce.com are among the tower’s tenants, according to the publication. The Class-A property is located between East 43rd and East 44th streets. [NYO] — Claire Moses