SL Green Extends Loan on 1515 Broadway
SL Green Realty Corp has successfully modified and extended the $742.8 million mortgage on 1515 Broadway. The extension pushes the maturity date by three years to March 2028, maintaining the interest rate at 3.93%. The 54-story office tower, located in Times Square, is fully leased to Viacom and houses the Minskoff Theatre. SL Green, in partnership with Caesars Entertainment and Roc Nation, is pursuing a proposal to transform the property into Caesars Palace Times Square, competing for one of three downstate New York gaming licenses expected to be awarded in 2025.
SL Green Realty Corp ha modificato e ampliato con successo il mutuo di $742,8 milioni su 1515 Broadway. L'estensione sposta la data di scadenza di tre anni fino a marzo 2028, mantenendo il tasso d'interesse al 3,93%. La torre per uffici di 54 piani, situata a Times Square, è completamente affittata a Viacom e ospita il Minskoff Theatre. SL Green, in partenariato con Caesars Entertainment e Roc Nation, sta perseguendo una proposta per trasformare la proprietà in Caesars Palace Times Square, competendo per una delle tre licenze di gioco nella parte meridionale di New York che ci si aspetta vengano assegnate nel 2025.
SL Green Realty Corp ha modificado y ampliado con éxito la hipoteca de $742.8 millones sobre 1515 Broadway. La extensión pospone la fecha de vencimiento tres años hasta marzo de 2028, manteniendo la tasa de interés en 3.93%. La torre de oficinas de 54 pisos, ubicada en Times Square, está completamente alquilada a Viacom y alberga el Minskoff Theatre. SL Green, en asociación con Caesars Entertainment y Roc Nation, está persiguiendo una propuesta para transformar la propiedad en Caesars Palace Times Square, compitiendo por una de las tres licencias de juego de Nueva York que se espera sean otorgadas en 2025.
SL Green Realty Corp는 1515 Broadway에 대해 7억4280만 달러의 모기지를 성공적으로 수정하고 연장했습니다. 연장은 만기일을 3년 연장해 2028년 3월로 하며, 이자율은 3.93%로 유지됩니다. 타임스퀘어에 위치한 54층 사무용 타워는 Viacom에 의해 완전히 임대되었으며, 민스코프 극장이 있습니다. SL Green는 Caesars Entertainment 및 Roc Nation과 협력하여 이 부동산을 Caesars Palace Times Square로 변환하는 제안을 추진하고 있으며, 2025년에 수여될 것으로 예상되는 뉴욕주 하부의 3개 게임 라이센스를 위한 경쟁을 벌이고 있습니다.
SL Green Realty Corp a réussi à modifier et prolonger l'hypothèque de 742,8 millions de dollars sur 1515 Broadway. La prolongation repousse la date d'échéance de trois ans jusqu'en mars 2028, tout en maintenant le taux d'intérêt à 3,93 %. La tour de bureaux de 54 étages, située à Times Square, est entièrement louée à Viacom et abrite le Minskoff Theatre. SL Green, en partenariat avec Caesars Entertainment et Roc Nation, poursuit une proposition pour transformer la propriété en Caesars Palace Times Square, en compétition pour l'une des trois licences de jeu dans le sud de New York qui devraient être attribuées en 2025.
SL Green Realty Corp hat die Hypothek von 742,8 Millionen Dollar für 1515 Broadway erfolgreich modifiziert und verlängert. Die Verlängerung verschiebt das Fälligkeitsdatum um drei Jahre bis März 2028 und hält den Zinssatz bei 3,93 %. Der 54-stöckige Büroturm in Times Square ist vollständig an Viacom vermietet und beherbergt das Minskoff Theatre. SL Green verfolgt zusammen mit Caesars Entertainment und Roc Nation einen Vorschlag zur Umwandlung der Immobilie in Caesars Palace Times Square und konkurriert um eine der drei Gaming-Lizenzen im Süden von New York, die voraussichtlich 2025 vergeben werden.
- Successfully extended $742.8M mortgage maturity to 2028
- Maintained favorable interest rate at 3.93%
- Property is fully leased to Viacom
- None.
Insights
The
The fully-leased status to Viacom and the property's prime Times Square location are key factors supporting the refinancing. The potential casino conversion represents a major value-creation opportunity, though it depends on securing one of the gaming licenses. This refinancing maintains financial flexibility while preserving favorable pre-rate-hike borrowing costs, strengthening SL Green's position as they pursue the Caesars Palace transformation.
NEW YORK, Nov. 20, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has closed on a modification and extension of the
“This is another successful step in executing our plan to extend our debt maturity profile and reflects the strength of the Midtown Manhattan office market,” said Brett Herschenfeld, Executive Vice President for Retail and Opportunistic Investments at SL Green. “This extension provides SL Green and our partners with the time and flexibility needed for our pursuit of Caesars Palace Times Square, bringing world-class entertainment to its most logical location in the heart of Times Square, the world’s greatest entertainment district.”
1515 Broadway is an iconic 54-story office tower located between 44th and 45th Streets in the heart of the world-famous Times Square bowtie, within New York City’s famed Broadway theater district and just steps from 14 subway lines. 1515 Broadway is fully leased to Viacom and is the home of the Minskoff Theatre (home to Disney’s musical, “The Lion King”). SL Green, Caesars Entertainment and Roc Nation have partnered on a proposal to convert the building into a world-class entertainment destination in a bid to win one of three gaming licenses expected to be awarded in downstate New York in 2025.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
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