SL Green Realty has bought out its joint venture partner in Times Square’s 1515 Broadway, giving the city’s largest office landlord full ownership of the property in a transaction valuing it at $1.21 billion, the company announced today. SL Green had owned the 1.75 million-square-foot building with SITQ, a subsidiary of Canadian investment fund Caisse de dépôt et placement du Québec, one of several joint ventures for the pair throughout the city. TRD [more]
Posts Tagged ‘sitq’
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555 Sixth Avenue
An investment fund affiliated with residential and commercial property
owner Stonehenge Partners closed today on the $67.34 million purchase
of the former St. Vincent’s Hospital residential building at 555 Sixth
Avenue in Greenwich Village, Stonehenge said in a statement. Investors
in the purchase include an entity called SITQ, which is a subsidiary of
Canadian investment fund Caisse de dépôt et placement du Québec, and
another Canadian institutional investor. Stonehenge won the
180,000-square-foot building in an auction last month, which followed the bankruptcy of the hospital in April. TRD -
While many of the money center banks are sitting on the sidelines when it comes to providing mortgage financing, Chinese, German and European financial institutions and insurance companies are dipping their feet into the water to provide much needed financing for commercial real estate. Foreign and domestic lenders and insurance companies prefer to lend to real estate investment trusts. Later this month, a syndicate led by Westdeutsche ImmobilienBank is expected to close on a $135 million loan on the 25-story office tower at 300 Park Avenue. The 15 floors of the tower serve as the world headquarters for Colgate Palmolive. The borrowing entity is controlled by Tishman Speyer Properties. As reported in The Real Deal today, a syndicate of banks led by the Bank of China, provided SL Green Realty with a five-year, floating rate mortgage for $475 million for the landmark Times Square office tower at 1515 Broadway. The new mortgage replaces the former $625 million mortgage that was due to mature in November 2010. More
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