Vornado Lands $400M Refi for 350 Park Ave.
The company realized net proceeds of $111 million upon closing.
By Ioana Neamt
350 Park Ave., New York City
New York—Vornado Realty Trust started the week in style with the closing of a major financing deal in the Big Apple. On Monday, the company announced it had completed a $400 million refinancing of 350 Park Ave.—a 571,000-square-foot office high-rise in Manhattan.
According to Vornado, the 10-year, interest-only loan matures in January 2027 and has a fixed rate of 3.92 percent. The company reportedly realized net proceeds of approximately $111 million, after repaying the existing $284 million loan and closing costs.
The 30-story building located at 350 Park Ave. features 20,000 square feet of retail space, above-standard ceiling height, controlled access and 14 passenger elevators, among other amenities, according to data from Yardi Matrix. The building also offers easy access to Fifth Avenue retail, public transportation and Grand Central Station, and aims to earn LEED certification from the USGBC.
The mixed-use asset last traded back in 2006, when Vornado paid $541.5 million to acquire it from Fosterlane Management, according to Yardi Matrix. Major tenants currently include Citco, AT&T, Pret A Manger, Valley National and Marshall Wace.
Image courtesy of Yardi Matrix
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