Sagehall is teaming up with RXR Realty to help recapitalize one of the real estate investment giant's office assets in Midtown Manhattan, 530 Fifth Avenue, for $180 million, according to a report from the Commercial Observer.
The two will pour $70 million in new capital into the 475,000-square-foot asset. Also, they have grabbed a $110 million loan from ING Capital, which carries a five-year term.
The building, which is two blocks from Grand Central Terminal, features amenities including co-working spaces, a new coffee shop, health and fitness programs, and a conference center. Also, 550 Fifth offers flexible office solutions for multiple fields of work including law, hospitality, finance, and tech. Occupancy in the building sits at about 85 percent, according to CO.
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