Graybar Building gets $145M refinancing

Despite a tight lending environment, New York-based pension fund TIAA-CREF financed a $145 million leasehold mortgage on SL Green Realty’s Graybar Building, at 420 Lexington Avenue in Midtown, according to a statement released today by Cushman & Wakefield Sonnenblick Goldman, which arranged the deal.

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The 31-story, 1.5 million-square-foot tower sits above Grand Central Terminal, and was acquired by the real estate investment trust SL Green in 1998. It is 97 percent leased, the statement says. TRD