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Silverstein scores $108M loan to acquire 619 West 54th Street
Company is paying $166.5M to buy majority stake in the building from Taconic
UPDATED, May 8, 12:56 p.m.: Silverstein Properties secured a $108.3 million acquisition loan for the Movielab building at 619 West 54th Street, according to documents filed with the city Thursday.
The company paid $166.5 million to acquire a roughly 90 percent stake in the building from Taconic Investment Partners, property records also filed with the city Thursday show.
M&T Bank is the lender, documents show. Representatives from Silverstein and M&T Bank could not be immediately reached for comment.
Cushman & Wakefield’s Adam Spies and Doug Harmon advised Taconic on the purchase, and Kassin Sabbagh Realty’s Dan Myers represented Taconic. HFF’s Evan Pariser brokered the financing.
The 10-story building spans 325,000 square feet, and is home to tenants such as a Volvo dealership, the New York Stem Cell Foundation and Roosevelt Surgery Center. As of April last year, asking rents on the upper floors were in the high $60s per square foot and the high $50s per square foot on the lower floors. Taconic paid $112 million for the building in 2012 and renovated it. Taconic is keeping a 10 percent stake in the building.
Silverstein Properties, led by Larry Silverstein, is developing a mixed-use complex nearby at 514 11th Avenue.