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.