SL Green nabs $360M refinancing for Midtown office tower

Money for 100 Park Avenue coming from Aareal Capital Corporation

New York /
Jan.January 05, 2021 12:00 PM
100 Park Avenue and SL Green CEO Marc Holliday (Google Maps)

100 Park Avenue and SL Green CEO Marc Holliday (Google Maps)

UPDATED, Jan. 5, 5:54 p.m.:  SL Green Realty Corp has scored a $360 million refinance loan for its office tower at 100 Park Avenue.

The company secured the financing from Aareal Capital Corporation for the building, which is next to Grand Central Terminal, according to the Commercial Observer.

The property collected 95 percent of its office rents during the pandemic, the publication reported.

Cushman & Wakefield’s Steve Kohn, Alexander Hernandez, Adam Spies, Kevin Donner, Alex Lapidus and Meredith Donovan negotiated the debt for the landlord.

SL Green along with PGIM Real Estate bought the 36-story, 903,000-square-foot building in 2000. The group finished a redevelopment of the property in 2008.

Tenants include AECOM Tishman, Wells Fargo Capital Finance and Aetna. In May, law firm Cozen O’Connor leased 7,100 square feet on the building’s 34th floor. Amenities include lounge areas, a golf simulator, game rooms and a wellness center.

Aareal Capital Corporation, which is the New York-based affiliate of German financier Aareal Bank, also refinanced SL Green’s News Building last summer along with Credit Agricole and Citi with a $510 million loan.

[CO] — Keith Larsen


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