The owner of a Midtown South office property that houses BuzzFeed and Facebook just picked up $430 million in financing.
Barclays PLC provided the 10-year, fixed-rate loan for the connected buildings at 225-233 Park Avenue South to Orda Management Corp., the Wall Street Journal reported. Orda, which is led by Morton Silver, will use the money to repay a previous $217 million loan provided by the New York State Teachers Retirement System. The financing will also help recover $135 million spent on renovations over the past 18 months.
Featuring two connected buildings, the property at 225-223 Park Avenue South spans 675,000 square feet, and is almost 100 percent leased. Facebook grabbed about 190,000 square feet last year, and BuzzFeed inked a lease for 194,000 square feet in 2014. Other tenants include T. Rowe Price, which signed a lease for 13,000 square feet in March.
A team led by Newmark Knight Frank’s Jordan Roeschlaub brokered the financing from Barclays.