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NEW YORK CITY-With no existing debt on the property, the owner of the Art-Deco landmark Salmon Tower near Bryant Park, took advantage of the current low interest rate environment and put on low-leveraged, fixed-rate permanent financing in the amount of $125 million.

Keith Braddish, of LJ Melody & Co.’s New York City office, arranged the financing for the 646,350-sf class A property located at 500 Fifth Ave. LJ Melody is the financing arm of CB Richard Ellis. New York Life Insurance Co. provided the funding on behalf of the borrower, a private client advised by L&B Realty Advisors of Dallas.

Tenants such as WW Norton, Organization Resources, Royal Abstract Co., Nat Sherman, and the 500 Fifth Ave. Watch Co. occupy the 95% leased property, which was designed by Shreve, Lamb & Harmon, the architects of the Empire State Building. The 60-story Salmon Tower, built as the Empire State Building’s immediate precursor, shares the same recessed tower façade theme. Available space is advertised from $42 per sf to $52 per sf. Retail space ranges from $180 per sf to $250 per sf.

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