Silverstein Properties has closed on a $171 million refinancing deal for an office building in Midtown.
The five-year loan for 529 Fifth Avenue was provided by JPMorgan Chase and was arranged by Walker & Dunlop, Commercial Observer reported.
The 20-story, 283,000-square-foot commercial building, originally built in 1958 and designed by Emery Roth & Sons, is located just north of Grand Central Terminal and Bryant Park.
The building’s anchor tenant, accounting firm Citrin Corporation, will leave the 130,000-square-foot space that it occupies next fall. Silverstein worked with Architecture Plus Information on a $20 million renovation to parts of the building, adding an amenity floor (with a gym and shower) as well as a 500-square-foot terrace to attract new tenants.
Silverstein also plans to update 12,600 square feet of ground floor retail space currently occupied by Best Buy after the store’s lease expires at the end of 2021.
Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz of Walker & Dunlop negotiated the financing. [CO] — Akiko Matsuda