SL Green looks to sell loan on RXR, Werner’s 5 Times Square

REIT is in the market with $126M note the 1.1M sf tower

New York /
Aug.August 04, 2020 10:00 AM
SL Green CEO Marc Holliday and 5 Times Square (SL Green; <a href="https://www.google.com/maps/@40.7562911,-73.9867874,3a,75y,227.38h,134.46t/data=!3m6!1e1!3m4!1s2KuJF2MrALre8HbKVYeX-g!2e0!7i16384!8i8192?hl=en" target="_blank" rel="noopener">Google Maps</a>

SL Green CEO Marc Holliday and 5 Times Square (SL Green; Google Maps)

A big test of confidence in the future of Manhattan’s office market is coming up in Times Square.

SL Green Realty is looking to sell a $126 million mezzanine loan on the 1.1 million-square-foot 5 Times Square tower, sources told The Real Deal. The building’s anchor tenant, accounting firm EY, is relocating to Brookfield Property Partners’ Manhattan West — which will create a large vacancy to fill.

A representative for SL Green declined to comment.

The owners of 5 Times Square, RXR Realty and David Werner, recently injected $200 million of equity into the trophy office tower and are renovating the building, according to marketing materials by Eastdil Secured, which is marketing the debt.

A spokesperson for Eastdil declined to comment.

On the ground floor, retail tenants include the Disney store and Red Lobster.

SL Green provided the debt as part of a $1.4 billion refinancing package led by Morgan Stanley that RXR and Werner secured in 2017. The Marc Holliday-led REIT has been turning to its debt book since the start of the coronavirus to raise cash, selling a number of loans on properties throughout the city.

The landlord also just came to market with the 13-story office building at 110 Greene Street in Soho, Commercial Observer reported. It’s also shopping 410 Tenth Avenue, an Amazon-anchored office property by Hudson Yards, for $1.1 billion.

Contact Rich Bockmann at [email protected] or 908-415-5229.


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