The Real Deal Miami

National market report: banks compete to provide loan for Vornado Realty tower in San Francisco

Commercial and residential news briefs from around the U.S.
August 10, 2011 01:05PM

alternate
text
555 California Street in San Francisco

From the New York August issue: Vornado Realty Trust is close to securing a loan on its 52-story tower at 555 California Street, according to Bloomberg News. Lenders Pacific Life Insurance and MetLife are on track to win the assignment, beating out Wall Street banks competing to package the loan for sale. The 1.5 million-square-foot tower, home to Bank of America’s San Francisco headquarters, was built in 1969 and featured in the 1974 film “Towering Inferno,” starring Steve McQueen. It is the fifth-tallest building on the West Coast, according to data from Emporis. Banks have been competing for loans on top-tier buildings to bundle into bonds, Bloomberg said. “We’re going to focus on high-quality assets,” said Robert Merck, senior managing director and head of retail investments at MetLife. Click here to see the rest of the news from around the nation. Compiled by Katherine Clarke