Vornado Secures $950M Refi on 1290 Ave. of the Americas
Start each day with GlobeSt.com's New York AM Alert for original coverage of the latest transactions and trends shaping the New York marketplace, as well as the entire Northeast region. Sign Up Today!Is networking important to you? Join RealShare Conferences to hear from prominent speakers and meet the commercial real estate elite. Check out the schedule of events!
NEW YORK CITY-Just weeks after the REIT revealed its plans for a major upgrade of the trophy property, Vornado Realty Trust has secured a $950-million refi on its loan, collecting some $522 million after repayment of the existing loan and closing costs. The 10-year note bears a 3.3% interest rate. The REIT has a 70% controlling interest in the asset, which GlobeSt.com reported recently is undergoing a major “Wow-factor” upgrade to its lobby. The Trump Organization owns the remaining interest, according to Trump spokespeople.
Vornado would not reveal details of the loan and the providers.
The building is a 43-story, full block asset that paces out to two million square feet. Current tenants include AXA Equitable Life Insurance Co.; Bryan Cave LLP; Cushman & Wakefield; Fitzpatrick, Cella, Harper & Scinto; Microsoft; Warner Music Group and Wenner Media.
According to the REIT’s website, the building is also undergoing a major infrastructure upgrade, which includes new turnstile access systems, and upgrades to the cooling tower, chillers, restrooms and telecommunications spine. New tenant-proprietary back up generators, a critical factor in this post-Sandy world, are also part of the upgrades.
So much is happening across the country in the office sector. Hear the latest in creative office, how millennials are impacting the direction of the market and where developers are focusing at a RealShare Conference. Check out the details and agendas to find an informative office panel and register today.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.