The acquisition is being financed by a mortgage from LehmanBrothers Holdings and funds from the company's unsecured line ofcredit. The property's tenants now pay rents of $39 per sf, about30% below market.
One Park, which features 50,000 sf floor plates, is a 913,000-sfstructure that has leases on four floors of 180,000 sf that expirein 2002. Tenants now include the Mt. Sinai and New York UniversityHospitals Center, Martin E. Segal & Co., Loews and Coty.
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