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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%.