NEW YORK CITY-Vornado Realty Trust announced Monday that it has completed a $450 million refinancing of Eleven Penn Plaza, a 1.1 million-square-foot office tower. The seven-year loan is interest-only at 3.95%. The company realized net proceeds of approximately $107 million after repaying the existing loan on the property and closing costs.
Representatives from Vornado—a fully-integrated equity REIT—did not return calls by press time. Located on the east side of seventh avenue, between 31st and 32nd streets, 11 Penn Plaza sits two blocks away from Macy’s flagship store and across the street from Madison Square Garden. It features 23 floors and clocks in at 391 feet high. Built in 1923, the tower also has been known as the Montgomery Building and the Equitable Life Assurance Society Building.