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Boston Properties Closes on GM Building Refinancing

NEW YORK CITY—The fixed-rate loan at an annual rate of 3.43% replaces a $1.6-billion loan package that was set to expire in October.

By John Jordan | johnjordan | Updated on June 08, 2017

The General Motors Building at 747 Fifth Ave. Source: Boston Properties The General Motors Building at 747 Fifth Ave. totals approximately 1.8 million square feet of rentable space. Source: Boston Properties

NEW YORK CITY—Boston Properties, Inc. has closed on the $2.3-billion refinancing of the General Motors building at 767 Fifth Ave. The deal announced last evening is believed to be one the largest financing deals for a single office asset on record in the United States.

New York City-based law firm Goulston & Storrs arranged the 10-year interest-only financing deal on the 1.8-million-square-foot property with a group of lenders led by Morgan Stanley. The group of lenders also included Wells Fargo, Deutsche Bank and Citi, Globest.com has learned. The newly secured financing matures on June 9, 2027.

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