Beacon Capital lands $300M refinancing for Fifth Ave building

Refinancing comes from TPG Real Estate Finance

TRD New York /
Aug.August 28, 2019 12:30 PM
575 Fifth Avenue (Credit: Google Maps)

575 Fifth Avenue (Credit: Google Maps)

Beacon Capital Group landed more than $300 million to refinance a Fifth Avenue office condo leased to Barneys New York for its corporate headquarters and a large WeWork location.

TPG Real Estate Finance provided the nearly $309 million loan for unit A of 575 Fifth Avenue, according to property records filed with the city Wednesday. The money replaces a previous loan from Deutsche Bank.

Grant Frankel and Ethan Pond of Eastdil Secured brokered the deal.

Beacon Capital Group and TPG did not immediately respond to requests for comment.

The office condo spans a little more than 370,000 square feet in the 40-story building.

WeWork occupies more than 100,000 square feet at the building, and Keller Williams told agents earlier this summer that it was downsizing with a move from its office at 1155 Avenue of the Americas for space at 575 Fifth Avenue. Sources told The Real Deal the brokerage would be moving into some of WeWork’s space. 

TPG Real Estate Partners recently joined Northwind Group and the Gural family as the majority stakeholder in their deal to buy and reposition 7 Hanover Square in the Financial District as well.

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