New York

Aion pays $30.2M for Clarion’s stake in 11 East 44th Street

SL Green and Deutsche helped finance the deal

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/11-East-44-Street-New-York-NY-10017/1012790009-0" target="_blank" data-address="11%20East%2044%20Street%2C%20New%20York" data-label="7-11%20East%2044%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F11-East-44-Street-New-York-NY-10017%2F1012790009-0" data-bbl="1012790009" data-blockValue="01279" data-lotValue="0009" data-zipcode="10017" data-bldgArea="110%2C999" data-bldgDepth="95" data-bldgFront="81" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="8%2C133" data-lotFront="81" data-lotDepth="100.42" data-retailArea="6%2C000" data-resArea="0" data-officeArea="104%2C999" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="O6" data-primaryZoning="C5-2.5" data-commercialOverlay="" data-far="10" data-buildable="81%2C330" data-airRights="-29%2C685" data-propertyNeighborhood="Midtown%20Central" data-latitude="40.7545887874119" data-longitude="-73.9789061771456" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F11-East-44-Street-New-York-NY-10017%5C%2F1012790009-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F11-East-44-Street-New-York-NY-10017%5C%2F1012790009-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">7-11 East 44 Street</a> in Midtown (inset from top: Clairon's Stephen Furnary and Aion's Siraj Dadabhoy)

7-11 East 44 Street in Midtown (inset from top: Clairon's Stephen Furnary and Aion's Siraj Dadabhoy)

Aion Partners paid $30.2 million to buy out its partner’s stake in a 135,000-square-foot Midtown East office building.

The investment company now owns 100 percent of 11 East 44th Street after buying Clarion Partners’ [TRDataCustom] stake in the building, Michael Betancourt, founding partner of Aion, told The Real Deal. He declined to discuss further details of the deal, and a representative for Clarion could not immediately be reached for comment.

Aion initially purchased a 77.1 percent stake in the building from Kensico Properties in December 2004 for $45.5 million. Three years later, Clarion bought into the building, though property records don’t indicate the details of that deal.

In August, Deutsche Bank and SL Green Realty provided $80 million to refinance the building and acquire Clarion’s stake. The financing, which replaced an earlier $38.5 million loan, included a $65 million senior mortgage from Deutsche and a $15 million mezzanine loan from SL Green. Property records filed with the city’s Department of Finance on Tuesday show that Aion paid Clarion $30.2 million.

The office building — located at Madison Avenue and 44th Street — spans 135,150 square feet across 42 floors. Brooks Brothers, which occupies 40,395 square feet, is the building’s biggest tenant. Asking rents in the building range from $36 to $65 per square foot, according to CoStar.

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New York

Aion pays $30.2M for Clarion’s stake in 11 East 44th Street

SL Green and Deutsche helped finance the deal

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/11-East-44-Street-New-York-NY-10017/1012790009-0" target="_blank" data-address="11%20East%2044%20Street%2C%20New%20York" data-label="7-11%20East%2044%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F11-East-44-Street-New-York-NY-10017%2F1012790009-0" data-bbl="1012790009" data-blockValue="01279" data-lotValue="0009" data-zipcode="10017" data-bldgArea="110%2C999" data-bldgDepth="95" data-bldgFront="81" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="8%2C133" data-lotFront="81" data-lotDepth="100.42" data-retailArea="6%2C000" data-resArea="0" data-officeArea="104%2C999" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="O6" data-primaryZoning="C5-2.5" data-commercialOverlay="" data-far="10" data-buildable="81%2C330" data-airRights="-29%2C685" data-propertyNeighborhood="Midtown%20Central" data-latitude="40.7545887874119" data-longitude="-73.9789061771456" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F11-East-44-Street-New-York-NY-10017%5C%2F1012790009-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F11-East-44-Street-New-York-NY-10017%5C%2F1012790009-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">7-11 East 44 Street</a> in Midtown (inset from top: Clairon's Stephen Furnary and Aion's Siraj Dadabhoy)

7-11 East 44 Street in Midtown (inset from top: Clairon's Stephen Furnary and Aion's Siraj Dadabhoy)

Aion Partners paid $30.2 million to buy out its partner’s stake in a 135,000-square-foot Midtown East office building.

The investment company now owns 100 percent of 11 East 44th Street after buying Clarion Partners’ [TRDataCustom] stake in the building, Michael Betancourt, founding partner of Aion, told The Real Deal. He declined to discuss further details of the deal, and a representative for Clarion could not immediately be reached for comment.

Aion initially purchased a 77.1 percent stake in the building from Kensico Properties in December 2004 for $45.5 million. Three years later, Clarion bought into the building, though property records don’t indicate the details of that deal.

In August, Deutsche Bank and SL Green Realty provided $80 million to refinance the building and acquire Clarion’s stake. The financing, which replaced an earlier $38.5 million loan, included a $65 million senior mortgage from Deutsche and a $15 million mezzanine loan from SL Green. Property records filed with the city’s Department of Finance on Tuesday show that Aion paid Clarion $30.2 million.

The office building — located at Madison Avenue and 44th Street — spans 135,150 square feet across 42 floors. Brooks Brothers, which occupies 40,395 square feet, is the building’s biggest tenant. Asking rents in the building range from $36 to $65 per square foot, according to CoStar.

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