NEW YORK—SL Green Realty has secured $510 million in mortgage financing for its office building at 220 East 42nd St. The loan was provided by a lending group led by Aareal Capital Corp., Citi and Credit Agricole. The REIT is using the additional liquidity provided by the financing to repay its unsecured revolving credit facility.
Also known as The News Building, 220 East 42nd St. is a 37-story art-deco skyscraper that was originally the headquarters for The New York Daily News. SL Green purchased the property in February 2003 for $265 million, following its initial $53.5 million preferred equity investment in September 2001.
The company then began a multi-year repositioning and retenanting of the property. Its occupancy today is 97% and includes such tenants as Visiting Nurse Service of New York, Omnicom Group, local television station WPIX and the United Nations.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
