Mack Real Estate loans $78M on
88 University Place

Property is leased to WeWork, whose CEO also owns a personal stake in the building

TRD New York /
Nov.November 16, 2018 11:00 AM

88 University Place (Credit: Lee & Associates NYC)

Mack Real Estate Credit Strategies has loaned $77.5 million to refinance a WeWork-leased office building in Union Square.

The 11-story property is at 88 University Place and owned by an investment group that fashion designer Elie Tahiri controls, according to Commercial Observer. It is fully leased to WeWork, which has, in turn, subleased the entire space to IBM.

Meridian Capital Group arranged the financing for Tahiri’s group.

The new loan increases a $70 million loan from Mack in 2015. That money went toward renovating elevators and common spaces in the building, as well as making HVAC and mechanical upgrades.

As The Real Deal reported earlier this year, WeWork CEO Adam Neumann also owns a substantial personal stake in the building. [CO]  – Eddie Small


Related Articles

arrow_forward_ios

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Another head rolls at WeWork

SoftBank rescue plan would bring WeWork’s valuation to $8B

Bill Rudin and Dock 72

WeWork’s landlords buckle up

Like WeWork, Compass touts tech and culture. Are the companies different?

From left: 254 Water Street, 45-01 Northern Boulevard and 34-08 46th Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

arrow_forward_ios