Vanbarton locks in $75M Deutsche loan at 292 Madison

Financing allows firm to close on 204K sf Midtown office building

TRD New York /
Oct.October 13, 2016 07:00 AM

Vanbarton Group scored about $75 million in financing for its $180 million acquisition of a 26-story Midtown office building at 292 Madison Avenue, sources told The Real Deal.

Deutsche Bank TRData LogoTINY provided the loan, which closed late last week, sources said. With the loan, the firm closed this week on the purchase of the 203,800-square-foot Class A building from the Marciano brothers, founders of the clothing company Guess.

The loan comprises about 42 percent of the $180 million purchase price, which comes out to $883 per square foot.

A representative for Vanbarton confirmed the firm closed on the property, but declined to comment on the loan.

The building is located at the corner of East 41st Street, just a block from Grand Central Station.

Vanbarton, led by Richard Coles and Gary Tischler, and an unidentified pension fund partner are planning to renovate the lobby and elevators, the firm said.

The building is 66 percent occupied, with floor plates ranging from 3,000 to 11,000 square feet, according to Vanbarton. CBRE’s Paul Amrich is marketing the building’s vacant space for lease.

In 2007, the Marciano brothers had bought the leasehold in partnership with Metropolitan Real Estate Advisors from SL Green Realty. They added the land in 2012. Herald Square serves as the property manager. Corporate services company Hogg Robinson and financial services firm Burford Capital are among the tenants.

Last month, Vanbarton picked up the Tribeca Film Festival building at 13-19 Laight Street for $90 million.


Related Articles

arrow_forward_ios
Jerry Rotonda (Credit: LinkedIn)

Former Deutsche Bank exec has defaulted on $3M loan, lawsuit says

The TRD weekly global digest

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

Head of Deutsche’s I-banking arm to step down

From left: The Vanbarton Group's Richard Coles, Gary Tischler and 45 West 45th Street

Vanbarton Group to sell Midtown office building for $126M

Bravo reality star fights to keep Wainscott home from foreclosure, NYC developer brings a bookstore back to Sag Harbor & more Hamptons real estate news

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

arrow_forward_ios