Shorenstein Completes Mezz Loan Investment

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NEW YORK CITY-San Francisco-based Shorenstein Properties LLC has purchased a $39.5 million junior mezzanine loan on 1180 Avenue of the Americas from Hypo Real Estate Capital Corp. The 22-story 382,000-sf office building, sits at the corner of 46th Street and Avenue of the Americas in Midtown Manhattan and is owned by an institutional investor, which acquired the building earlier this year.

The building was constructed in 1962 and underwent significant renovation in 1984 and 1999. It is currently 90% leased. Mark McCarthy, a managing director with Shorenstein, tells GlobeSt.com that Shorenstein previously underwrote this building in the past and were attracted to the property due to its central location, tenants and flexible floorplans. Major tenants include New York Life and the E.W. Scripps Co., parent of Home & Garden TV, Food Network and DIY Network.