NEW YORK CITY—Building owners Prudential Real Estate Investors, Norges Bank Investment Management and SJP Properties have secured $507 million in financing for Eleven Times Square. The loan, provided by New York Life Real Estate Investors has a term of 10 years. SJP Properties, the operating partner, will continue to manage and lease the 1.1 million-square foot building and will maintain its New York City headquarters in the building.
“New York Life Insurance Company and our co-lender, Northwestern Mutual and New York State Teachers' Retirement System, are very pleased to provide financing for this outstanding asset,” says Eric Becher, senior director at New York Life. “The property has an impeccable tenant roster and is conveniently located near numerous subway lines, Port Authority, Grand Central and Penn Station.”
Eastdil Secured arranged the financing on behalf of the borrower. Further brokerage information was not available at press time.
Norges purchased its 45% stake in the building from SJP and Prudential back in March, reportedly for about $630 million. The building was valued at $1.4 billion at that time.
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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.
