CLEVELAND-JPMorgan Chase has provided $127 million to Norfolk, VA-based Harbor Group to refinance 200 Public Square here, a 1.3-million-square-foot office tower. The company, which owns the tower in a venture with Canada-Israel Development Corp. and Electra Real Estate, has pulled the building off the market after putting it up for sale in June, a source tells GlobeSt.com.
New York City-based Meridian Capital Group arranged the 10-year CMBS loan, which was used to refinance the property’s existing CMBS loan. Meridian executive vice president Aaron Birnbaum and managing director Ronnie Levine negotiated the transaction. Levine said in a statement that the new loan is “highly competitive,” but a Meridian spokesman said he could not reveal the rate. Harbor did not return a request for comment.
The 45-story tower, which occupies a full block between Superior and Euclid avenues at Fifth Street, used originally built by Standard Oil, and named the BP America Tower in 1985 when it opened after British Petroleum bought the company. BP moved to Chicago when it bought Amoco in the late 1990s. Huntington Bank now has its headquarters at the tower.
The building was about 90% leased when Harbor said it was putting the building up for sale last summer. Harbor bought the property for $144 million in 2005.
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