Cushman & Wakefield Arranges $360M Refinancing for Iconic New York Office Building at 100 Park Avenue

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) has successfully acted as the exclusive advisor to SL Green Realty Corp. and its joint venture partner, securing $360 million for refinancing 100 Park Avenue, a 903,000-square-foot, LEED Gold-certified office property in Midtown Manhattan. The financing was provided by Aareal Capital Corporation. The property maintains 95%+ office collection rates, even during the COVID-19 pandemic, highlighting its strong tenancy and appeal due to its prime location near Grand Central.

Positive

• Secured $360 million refinancing for 100 Park Avenue.
• Property maintains over 95% office collection rates during the pandemic.
• LEED Gold certification enhances asset attractiveness to lenders.

Negative

• None.

Cushman & Wakefield (NYSE: CWK) recently announced that the firm served as the exclusive advisor to SL Green Realty Corp. and its joint venture partner in the procurement of $360 million for the refinancing of 100 Park Avenue, a 36-story, 903,000-square-foot, LEED Gold-certified office property in Midtown Manhattan. The floating-rate financing was provided by Aareal Capital Corporation.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan and Cushman & Wakefield Capital Markets team of Adam Spies and Kevin Donner represented SL Green Realty Corp. and its partner.

“SL Green and their partner have done a remarkable job refurbishing and managing this iconic office asset. The property’s proximity to Grand Central is highly attractive to employees from within the city as well as to commuters from the suburbs, who would not require a second means of transportation,” said Vice Chairman Kohn.

“Lenders were highly attracted to the LEED Gold-certified asset and its stalwart tenancy that has maintained 95%+ office collections throughout the COVID-19 pandemic,” added Executing Managing Director Hernandez. “Aareal was thoughtful with loan terms and will be an exceptional financing partner for the ownership as they continue to manage this property to their distinguished standards.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About SL Green Realty Corp.

SL Green Realty Corp. is New York City’s largest office owner/operator. The fully integrated commercial real estate investment trust is an investment grade, S&P 500 company publicly traded on the New York Stock Exchange under ticker SLG. As of September 30, 2020, SL Green Realty Corp. held interests in 93 buildings totaling 40.6 million square feet. This included ownership interests in 29.2 million square feet of Manhattan buildings and 10.3 million square feet securing debt and preferred equity investments.

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