Vanbarton locks in $75M Deutsche loan at 292 Madison
Financing allows firm to close on 204K sf Midtown office building
Vanbarton Group scored about $75 million in financing for its $180 million acquisition of a 26-story Midtown office building at 292 Madison Avenue, sources told The Real Deal.
Deutsche Bank [TRDataCustom] provided the loan, which closed late last week, sources said. With the loan, the firm closed this week on the purchase of the 203,800-square-foot Class A building from the Marciano brothers, founders of the clothing company Guess.
The loan comprises about 42 percent of the $180 million purchase price, which comes out to $883 per square foot.
A representative for Vanbarton confirmed the firm closed on the property, but declined to comment on the loan.
The building is located at the corner of East 41st Street, just a block from Grand Central Station.
Vanbarton, led by Richard Coles and Gary Tischler, and an unidentified pension fund partner are planning to renovate the lobby and elevators, the firm said.
The building is 66 percent occupied, with floor plates ranging from 3,000 to 11,000 square feet, according to Vanbarton. CBRE’s Paul Amrich is marketing the building’s vacant space for lease.
In 2007, the Marciano brothers had bought the leasehold in partnership with Metropolitan Real Estate Advisors from SL Green Realty. They added the land in 2012. Herald Square serves as the property manager. Corporate services company Hogg Robinson and financial services firm Burford Capital are among the tenants.
Last month, Vanbarton picked up the Tribeca Film Festival building at 13-19 Laight Street for $90 million.