Aby Rosen teams up with Rolling Stone publisher on $290M office deal
Penske Media is one of the largest tenants at 475 Fifth Avenue
Aby Rosen closed the book on his latest office deal with help from an unlikely source.
Rosen’s RFR Holding teamed up with Variety and Rolling Stone publisher Penske Media Corporation to finalize his $290 million purchase of 475 Fifth Avenue, where the glossy magazine company has its headquarters.
Penske Media contributed 50 percent of the equity in the partnership, a source familiar with the purchase told The Real Deal.
Representatives for RFR and Penske did not immediately respond to requests for comment.
Rosen and Penske closed their purchase from Nuveen Real Estate Thursday. They closed the deal with a $260 million loan, Commercial Observer reported. Citigroup and JPMorgan teamed up on the senior mortgage, while PCCP provided mezzanine debt.
CBRE negotiated the sale and the financing.
Penske, led by chairman and CEO Jay Penske, occupies roughly 45 percent of the rentable area in the 24-story, 1920s-era building at the corner of East 41st Street across from the New York Public Library and Bryant Park. The company built out a video studio overlooking the library.
Other tenants include Stantec and LBB Industries.