The building was constructed in 1928 and is a 37-story Class B+high-rise with 440,033 sf of space. It features restored brick andglass in its exterior and is 1.5 blocks from Wall Street. It is 95%leased, with tenants in the finance, marketing, technology andmunicipal fields.
"We negotiated the terms of the deal amidst a lot of anxietyabout rising interest rates. Combined with the large size of thetransaction, the negotiations were quite complex," reports regionaldirector of the Northeast Dan Hartman for DaimlerChrysler in areleased statement. "The borrower wanted maximum flexibility asinterest rates were rising, along with a timely closing to avoidpotentially large extension fees on their existing loan. We gavethe borrower the option of a fixed floating interest rate andflexible prepayment terms, which helped the process.
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