NEW YORK CITY–An affiliate of SL Green Realty Corp. has procured a $275 million senior mortgage loan for 220 E. 42nd Street. The seven-year financing was provided by Wells Fargo. Cushman & Wakefield served as an advisor on the deal.
220 East 42nd Street, also known as the News Building, is a 37-story, 1.2 million square foot, multi-tenanted, office building located between Second and Third avenues that sits near Grand Central Terminal. Major tenants in the building include Omnicom Group, WPIX—which is owned by the Tribune Co., and the United Nations. Its landmark lobby features a rotating globe, which was made famous in the Superman television series of the 1950's and continues to attract visitors from around the world.
A Cushman & Wakefield equity, debt & structured finance team of Steve Kohn, president; Dave Karson, executive managing director; Alex Hernandez, managing director; Christopher Moyer, director and John Spreitzer, associate, served as exclusive advisor to the SL Green affiliate.
“Lenders were highly attracted to this exceptional financing opportunity; a chance to provide financing to SL Green Realty Corp. on a high-quality office property near Grand Central,” says Kohn.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
