Blackstone is looking to purchase a sizeable stake in a Manhattan office building, 1345 Avenue of the Americas in Manhattan, according to a report from Reuters. It is working on securing an $800 million loan to fund the acquisition.
The 1.9 million square foot property is majority owned by Fisher Brothers and 49 percent by JPMorgan-linked investors. It is currently in discussions with JPMorgan Global Alternatives about the deal, Reuters said, citing sources.
The property holds an existing loan with an outstanding balance of around $600 million, which is scheduled to mature in August, according to the news outlet. However, the new debt financing will carry a floating rate.
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While occupancy plunged during the pandemic, the building has recovered to 96 percent, Morningstar reports, as cited by Reuters. About 38 percent of the property is leased by Wharton & Garrison, whose deal won't expire until 2047.
Both Fisher and JPMorgan completed a $120 million renovation of the property in 2023. It includes improvements to the exterior, the lobby, adding an amenity floor and touch-less elevators. Also, the 50-story tower on 6th Avenue between 54th and 55th Streets offers views of Central Park.
While office recovery appears to be strong nationally with the return-to-office mandates from major firms like Amazon, NYC is on another level. Office demand levels in the city grew 25.3 percent year-over-year in the fourth quarter. Furthermore, demand levels are now above pre-pandemic levels in the market.
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