The Blackstone Group provided the financing to CIM Group. The deal closed on Tuesday, and the floating-rate debt has a five-year term, the Commercial Observer reported. The loan was made at a 60 percent loan-to-cost. The Real Deal first reported news of the building going into contract in November.
The 25-story, 749,000-square-foot property is 40 percent leased, sources told TRD in November, and the Los Angeles-based buyer plans to focus on leasing the remainder of the space.
New York REIT has been liquidating its holdings following a campaign by activist investors and an accounting scandal at American Realty Capital Properties, which formerly was in control of the REIT.