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New York

SL Green looks to sell loan on RXR, Werner’s 5 Times Square

REIT is in the market with $126M note the 1.1M sf tower

SL Green CEO Marc Holliday and 5 Times Square (SL Green; Google Maps)
SL Green CEO Marc Holliday and 5 Times Square (SL Green; Google Maps)

A big test of confidence in the future of Manhattan’s office market is coming up in Times Square.

SL Green Realty is looking to sell a $126 million mezzanine loan on the 1.1 million-square-foot 5 Times Square tower, sources told The Real Deal. The building’s anchor tenant, accounting firm EY, is relocating to Brookfield Property Partners’ Manhattan West — which will create a large vacancy to fill.

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A representative for SL Green declined to comment.

The owners of 5 Times Square, RXR Realty and David Werner, recently injected $200 million of equity into the trophy office tower and are renovating the building, according to marketing materials by Eastdil Secured, which is marketing the debt.

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A spokesperson for Eastdil declined to comment.

On the ground floor, retail tenants include the Disney store and Red Lobster.

SL Green provided the debt as part of a $1.4 billion refinancing package led by Morgan Stanley that RXR and Werner secured in 2017. The Marc Holliday-led REIT has been turning to its debt book since the start of the coronavirus to raise cash, selling a number of loans on properties throughout the city.

The landlord also just came to market with the 13-story office building at 110 Greene Street in Soho, Commercial Observer reported. It’s also shopping 410 Tenth Avenue, an Amazon-anchored office property by Hudson Yards, for $1.1 billion.

Contact Rich Bockmann at rb@therealdeal.com or 908-415-5229.

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SL Green Realty