Aby Rosen selling 345 PAS to medical fund manager Deerfield

Deerfield is looking for a $525M loan for the purchase and conversion of the building
May 08, 2019 12:45PM

Aby Rosen and 345 Park Avenue South (Credit: Getty Images)

Aby Rosen and 345 Park Avenue South (Credit: Getty Images)

Aby Rosen’s RFR Realty has found a buyer for 345 Park Avenue South, a month after his firm closed on its purchase of the Chrysler Building.

Deerfield, a medical fund manager that oversee $8 billion in assets, tapped CBRE to secure a five-year $525 million loan for the acquisition and a conversion of the building to a medical lab, according to Commercial Observer. The sale price of the 12 story building wasn’t immediately clear.

The building is currently unoccupied, after its sole tenant, Digitas advertising agency, exited its lease early in February.

RFR bought the building in 1992 and refinanced it in 2013 with a loan from Citibank, which valued the property at $180 million.

More recently, RFR closed on the purchase of the Chrysler Building last month, paying $151 million to its owners, the Abu Dhabi Investment Council and Tishman Speyer. Abu Dhabi purchased a 90 percent stake in the building in 2008, in a deal that valued the building at $800 million at the time. [CO] — David Jeans