Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

NEW YORK CITY-Vornado Realty Trust completed a $318.6-million refinancing of 888 Seventh Ave., which is home to New Line Cinema, Soros Fund Management and serves as the REIT’s local office. Vornado realized net proceeds of approximately $206.5 million after repaying the existing loan on the property and closing costs.

This interest only loan is at a fixed rate of 5.7% and matures on Jan. 11, 2016. Last year, New Line inked a 10-year, 69,232-sf lease extensioni n the 896,000-sf, 46-story site. The deal runs from 2007–the year the current lease is scheduled to expire–to 2017. Alternative investment advisor Lynster Watson moved its headquarters to the site. The company occupies the entire 40th floor. Two years ago, Arista Records’ signed a sublease deal with publisher Random House for 57,145 sf.

Completed in 1971, 888 Seventh was designed by Emory Roth & Sons. Located on the northwest corner of Seventh Avenue and 56th Street and running the entire blockfront to 57th Street, the property’s floorplates range in size from 22,400 sf near the base to 19,800 sf for the upper floors. There is also a 225-car garage. Last week, during a conference, Vornado officials said they planned to replace a $170-million floating rate loan on 770 Broadway with a $353-million fixed-rate loan at 5.68%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.