711 Fifth Avenue.
NEW YORK CITY- Luxury developer SHVO in a joint venture with Deutsche Finance America and BLG Capital has secured a $545 million loan to finance the redevelopment of 711 Fifth Ave. in Midtown. The property is steps away from Central Park and the 57th Street luxury residential corridor. Jones Lang LaSalle secured the loan, and Goldman Sachs led the financing.
Constructed in 1927, the 18-story property at 711 Fifth Ave. was the original headquarters of NBC. Totaling 340,024 square feet, the historic building has 284,061 square feet of office space and 55,963 square feet of retail. Bethlehem Engineering Corp. designed the property.
SHVO, Deutsche Finance America, and BLG plan to redevelop 711 Fifth Ave. through several value-add strategies that include upgrades to the building's lobby, mechanical repairs, and expansion of terraces and outdoor space. The property sits on a prime corner location, which offers more than 124 feet frontage along the Upper Fifth Avenue Corridor, the second most expensive retail corridor in the world, and 154 feet of frontage along East 55th Street.
The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
