The Real Deal New York

Vornado refinances 1290 Sixth Avenue loan, collects $522 million

November 13, 2012 03:30PM

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From left: Vornado CEO Michael Fascitelli and 1290 Sixth Ave.

Vornado Realty Trust has nabbed a $950 million refinance of the 43-story, 2 million-square-foot office tower at 1290 Sixth Avenue, GlobeSt reported. This comes in the wake of Vornado’s announcement that it would upgrade the building, including a new turnstile system, updated restrooms and a refurbished cooling tower.

Vornado has a 70 percent controlling interest in the property, where tenants include Cushman & Wakefield, Wenner Media and Microsoft.

Vornado collected $522 million following the repayment of the existing loan and closing costs. The 10-year loan has an interest rate of 3.3 percent.

In March, an elevator worker was electrocuted to death inside the building while performing repair work. There were no criminal charges filed. [GlobeSt]Zachary Kussin

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