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NEW YORK CITY-In the largest deal in the company's history, Forest City Ratner Cos. has refinanced the New York Times Building, located at 620 Eighth Ave., for $640 million. The closing of the financing with HSH Nordbank comes one month before the 1.5-million-sf building is slated to hold its grand opening.
FCRC co-owns the Midtown property with the New York Times Co. The Times owns the second through 27th floor; FCRC owns the 29th through 50th floors, the 52nd floor and 21,000 sf of ground-floor retail. The two jointly own the 28th and 51st floor.
"As we approach the completion of the New York Times Building, a project that has been over five years in the making and which has already become a stunning addition to its midtown neighborhood, we are very pleased to announce that the permanent financing for The New York Times Building is now in place," Bruce Ratner, president and CEO of FCRC, says in a statement.
The building's tenant roster includes Legg Mason, the law firm of Goodwin Proctor and JAMS, a mediation and arbitration firm. In August 2006, Legg Mason inked a deal to take 200,000 sf on floors 45 through 50 and to create rooftop space garden. Seven month later, Goodwin Proctor signed a 15-year lease for 216,000 sf spread across floors 23 through 27 and floors 29 through 30. And this summer, JAMS signed a lease giving the firm 31,000 sf--the entire 34th floor--at the property, as GlobeSt.com previously reported.
In addition, Covington & Burling signed a deal for 160,000 sf, Seyfarth Shaw signed for 100,000 sf and Osler, Hoskins & Hardcourt signed for 64,000 sf, as GlobeSt.com also reported.
FCRC had partnered with ING Real Estate on the office property; however, it acquired ING's interest in the 52-story office tower in 2006. Calling it a private transaction, FCRC declined to release the dollar figure on the deal, as GlobeSt.com reported in June 2006.
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