575 Lex owners secure $415M refi loan

The financing will be used to refresh a 2015 loan from Wells Fargo

TRD New York /
Jun.June 27, 2018 09:45 AM

Left to right: Cushman and Wakefield’s Steven Kohn, Normandy Realty’s Finn Wentworth, Paramount Group’s Albert Behler, and 575 Lexington Avenue (Credit: Normandy Realty, Cushman and Wakefield, and 575 Lexington Ave)

The owners of 575 Lexington have secured a $415 million refinancing loan from Paramount Group.

Normandy Real Estate Partners, Angelo Gordon & Co. and George Comfort & Sons in 2015 bought the 34-story tower in 2015 for $510 million.

The new loan will replace a Wells Fargo loan obtained by the owners in 2015, according to Commercial Observer. The financing makes up just over 50 percent of the closing value of $775 million parent debt fund, Paramount Fund VIII.

A Cushman & Wakefield team represented the owners in the deal.

In November, financial services firm Janney Montgomery Scott moved out of the Lexington Avenue tower and shifted to 1166 Sixth Avenue. Law firm Boies, Schiller & Flexner, which currently has around 100 lawyers stationed in the building, inked a 83,000-square-foot deal in 55 Hudson Yards in 2015.

The Midtown East tower is 86 percent occupied, according to the report.

Earlier this month, The Real Deal reported that Normandy is actively looking to refinance three other office buildings it plans to overhaul. [CO] — David Jeans 


Related Articles

arrow_forward_ios
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
IKEA Chief Sustainability Officer Pia Heidenmark Cook (IKEA, iStock)

Ikea will buy back your old furniture on Black Friday

Ikea will buy back your old furniture on Black Friday
107 Chambers Street and Allison and Frederick Thompson (Google Maps, Tribeca Health & Fitness) 

Another fitness studio in Manhattan goes belly-up

Another fitness studio in Manhattan goes belly-up
Blackstone’s Kathleen McCarthy with 440 Saw Mill River Road, Ardsley, New York and 1000 Gateway Boulevard in San Francisco, California (left) (Blackstone; BioMed Realty)

Blackstone bets big on life-science buildings with $14.6B deal

Blackstone bets big on life-science buildings with $14.6B deal
arrow_forward_ios

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

Loading...