The acquisition is being financed by a mortgage from Lehman Brothers Holdings and funds from the company's unsecured line of credit. The property's tenants now pay rents of $39 per sf, about 30% below market.
One Park, which features 50,000 sf floor plates, is a 913,000-sf structure that has leases on four floors of 180,000 sf that expire in 2002. Tenants now include the Mt. Sinai and New York University Hospitals Center, Martin E. Segal & Co., Loews and Coty.
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