Milstein Properties is in advanced talks for a $750 million loan at 335 Madison Avenue, The Real Deal has learned.
A division of Brookfield Property Partners is nearing a deal to refinance the 1.1 million-square-foot building, according to people with knowledge of the discussions. The financing would replace a $498 million loan that Bank of China provided in 2013, property records show.
JLL’s Aaron Appel is representing Milstein in the negotiations. He declined to comment, as did Milstein Properties and Brookfield.
Howard Milstein, the landlord’s chief executive, initially planned to tear down the building, but changed course and committed to a $100 million renovation in 2017. Now known as “The Company Building,” the tower is being marketed heavily to tech tenants. It offers startup incubator space and discounted rents for technology firms, and has attracted the likes of Facebook, which last year inked a 40,000-square-foot lease at the office tower. Company, an office-services venture run by Michael Milstein and Matt Harrigan, is managing the property.
The moves are one way the landlord is attempting to fend off competition from SL Green Realty, which is building the nearby 1.6-million-square-foot One Vanderbilt and has brought in the likes of TD Bank, The Carlyle Group, and law firm Greenberg Traurig.
Hiten Samtani and Mary Diduch contributed reporting.