The building was constructed in 1928 and is a 37-story Class B+ high-rise with 440,033 sf of space. It features restored brick and glass in its exterior and is 1.5 blocks from Wall Street. It is 95% leased, with tenants in the finance, marketing, technology and municipal fields.
"We negotiated the terms of the deal amidst a lot of anxiety about rising interest rates. Combined with the large size of the transaction, the negotiations were quite complex," reports regional director of the Northeast Dan Hartman for DaimlerChrysler in a released statement. "The borrower wanted maximum flexibility as interest rates were rising, along with a timely closing to avoid potentially large extension fees on their existing loan. We gave the borrower the option of a fixed floating interest rate and flexible prepayment terms, which helped the process.
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