Paramount gets $90M loan for Noho’s 670 Broadway

Albert Behler’s firm plans to lease up mostly vacant office property

TRD New York /
Oct.October 29, 2015 04:25 PM

The Paramount Group secured a $90 million loan Wednesday in an effort to close its $112 million purchase of a five-story Noho Office Building Along Broadway.

Bank of America provided financing for the acquisition and a repositioning of the 77,500-square-foot Class A building at 670-674 Broadway, near Bond Street. Paramount’s real estate equity fund signed a contract in July to buy the property from Jay Deutsch’s F.D.R. Industries, which owned it since 1971.

Sources said the purchase is a “lease-up play,” since the building is nearly vacant.

Advertising-technology firm Simulmedia has an office on the second floor, and photojournalism space Leica Gallery, co-directed by Deutsch, occupies the ground floor.

JLL’s Dustin Stolly, Aaron Appel and Aaron Niedermayer brokered the financing. Stolly said the buyer-to-be received more than a dozen proposals from lenders.

The Midtown-based office landlord, led by Albert Behler, raised $2.29 billion in the largest-ever public offering for a U.S. real estate investment trust. Paramount also owns trophy office buildings such as 1633 Broadway and 1301 Sixth Avenue.


Related Articles

arrow_forward_ios
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women’s Forum of New York, iStock)

JLL slashes jobs in NYC capital markets group

JLL slashes jobs in NYC capital markets group
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
Paramount CEO Albert Behler and 1301 Sixth Avenue (Credit: Behler by Sean Zanni/Patrick McMullan via Getty Images; Google Maps)

Paramount Group plans virtual showings to fill huge Barclays space

Paramount Group plans virtual showings to fill huge Barclays space
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
The Coca-Cola building at 711 Fifth Avenue and Michael Shvo (Credit: Google Maps)

Michael Shvo, partners secure $545M loan for Coca-Cola building

Michael Shvo, partners secure $545M loan for Coca-Cola building
RFR Realty's Aby Rosen, 900 Third Avenue, and Paramount's Albert behler (Credit: Getty Images, Google Maps)

Aby Rosen in talks to buy Paramount’s East Side tower for $400M

Aby Rosen in talks to buy Paramount’s East Side tower for $400M
JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

JLL still riding revenue wave after HFF acquisition
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...