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.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
