NEW YORK CITY–An affiliate of the State Teachers Retirement System of Ohio has landed a $650 million senior mortgage loan secured by 590 Madison Ave. A Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus represented the STRS Ohio affiliate.
The fixed rate financing was provided by Goldman Sachs Mortgage Co., proceeds of which retired Goldman Sachs' previous financing that Cushman & Wakefield arranged in January 2007.
Formerly known as the IBM Building, the 42-story trophy office building contains more than one million square feet of rentable area, including 39 floors of office space, retail on the ground floor, lower level and mezzanine level, and a 78-car private, tenant-only, reserved parking garage. Located in the Plaza District, 590 Madison is leased to numerous corporations with household names, including IBM, Crowell & Moring, Aspen Insurance, Morgan Stanley Smith Barney, Bonhams and Tourneau.
“This is one of the truly premier office buildings in Manhattan, located among the most prestigious commercial properties, hotels and retailers,” says Kohn, president of C&W equity, debt & structured finance.
Adds Hernandez, managing director of that team, “The lending community greatly appreciated the excellent credit quality of this offering. Both the property fundamentals and institutional sponsorship are unmatched.”
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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.
