Search
 

11 Times Square Gets Hefty Financing

NEW YORK CITY—The Midtown asset, which spans 1.1 million square feet, is the headquarters of SJP Properties, one of three partial owners of the property.

By Rayna Katz | Updated on August 26, 2015

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.