SL Green to Buy Out PGIM at Manhattan High-Rise
The firm also extended and upsized the existing $360 million mortgage.
SL Green Realty Corp. has signed a purchase option agreement to acquire its partner’s 49.9 percent interest in 100 Park Ave., an 834,000-square-foot Manhattan high-rise. PGIM Real Estate acquired the asset in a venture with SL Green in 2000.
Additionally, the company also modified the building’s existing $360 million mortgage, extending the final maturity date to December 2027 and maintaining the 2.25 percent interest rate. The lenders also provided a new $70.0 million future funding facility to support leasing costs at the property. Newmark advised the borrower, while CBRE worked on behalf of the loan providers.
Although the lenders were not mentioned, a syndicate led by German commercial bank Helaba provided a $360 million loan in February 2014, according to The Real Deal, and a $215 million refinancing in 2009.
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The company previously closed on the modification of the loan in April. At the time, the deal extended the note’s maturity date to December 2025, while the interest rate was maintained at 2.36 percent.
The 36-story property came online in 1949 and was redeveloped in 2009. The high-rise holds LEED Gold certification and features floorplates ranging between 10,336 and 45,245 square feet, as well as 21,600 square feet of first-floor retail space.
Amenities at the Midtown Manhattan tower include a game room, a cafe bar and lounges, as well as conference and meeting rooms. The property also has an amenity center on the second floor, providing a golf simulator and personal training studio.
Newmark Co-Heads Adam Spies and Doug Harmon advised SL Green in the deal. CBRE Vice Chairman Doug Middleton worked on behalf of the lenders.
Busy period for SL Green
At the beginning of this month, SL Green and its joint venture partners closed on a $1.3 billion mortgage modification and extension for One Madison Avenue, a fully renovated 27-story office building in Manhattan. The note’s maturity date was extended through November 2027.
In November, the firm sold an 11 percent ownership interest in One Vanderbilt, a 1.7 million-square-foot high-rise also in Manhattan. Mori Building Co. purchased the stake in a deal that valued the asset at $4.7 billion.
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