HSBC Bank USA of New York is providing a five-year, $46.9-million loan at and adjustable-rate. Ritchie Capital Management LLC is loaning $10 million with the same terms. Savannah College of Savannah is considering leasing 150,000 sf at the 36%-vacant structure, area brokers tell GlobeSt.com.
The loan proceeds were advanced in stages with $36 million funded at closing and $20.9 million to be funded later as the building owners lease up more space, according to the New York office of Holliday Fenoglio Fowler LP which brokered the loans.
Macy's former flagship department store occupied 240,000 sf at 180 Peachtree St. until the store ceased operations in April 2003. The building's current owners paid $40 million, or about $68.35 per sf, for the property in 2000, as GlobeSt.com previously reported.
Among the key tenants are Level 3 Communications, Verizon and Time Warner. Level 3 has invested $1 million to retrofit one of the building's floors as an advanced data center.
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