The Moinian Group secured a $310 million CMBS loan from Morgan Stanley for two adjacent office buildings on Fifth Avenue.
The 36-story office building at 535 Fifth Avenue houses global conference-planning firm IQPC on the ground floor, while a 13-story building at 545 Fifth Avenue is where the National Basketball Association recently signed a lease for a permanent flagship store, the New York Observer reported. Located between 44th and 45th streets, the buildings together have 437,200 square feet of office space and 85,000 square feet of retail space.
The loan, brokered by Drew Anderman of Meridian Capital Group, has a fixed interest rate under 4 percent and replaces a debt provided by Column Financial in 2006, according to the newspaper.
“Meridian structured a loan that greatly benefited the ownership of this class-A New York City property,” Anderman said. “We took advantage of the historically low interest rates and closed the financing prior to the 545 Fifth Avenue corner lease, while the remaining portion of the retail space is being retrofitted and repositioned to be re-tenanted.” [NYO] — Tess Hofmann