Blackstone has acquired 49 percent interest in office tower, 1345 Avenue of the Americas, located in Midtown Manhattan.
To fund the purchase, the private equity giant has scored a $850 million commercial mortgage-backed securities (CMBS) loan from Morgan Stanley, Citigroup and JPMorgan Chase, according to a posting by Traded.
The deal includes a 20-year loan that replaces older debt with the same term. Additionally, Blackstone can extend the loan with either a two or a three-year option. The 49 percent stake was reported by the Commercial Observer.
Blackstone's interest in 1345 Avenue dates back to at least February, when Reuters reported that it was seeking a loan to purchase a sizable stake in the building.
The 1.9 million square foot property is majority owned (51 percent) by Fisher Brothers. Previously, JPMorgan-linked investors held 49 percent equity control in the building.
The 50-story asset lies between 54th and 55th Streets on 6th Avenue, offering views of Central Park. The building also features an Italian restaurant called Osteria del Circo.
Blackstone's acquisition follows a $395 million sale of 121 New York property loans this month, which was led by the company's joint venture. The loans apply to a mix of CRE assets, including retail, industrial, multifamily, and office. Additionally, earlier this year, Blackstone secured a $2.78 billion CMBS to help fund its $4 billion acquisition of Retail Opportunity Investments Corp., which owns a portfolio of 93 West Coast shopping centers.
While New York has experienced a strong office recovery since the pandemic, April represented a slight hiccup for the market. The city's recorded leasing volume of 3.38 million square feet was down 26.2 percent from the previous month, according to a report from Colliers. However, the category was up 23 percent year-over-year and 25.4 percent above the 10-year monthly median.
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