Midtown Manhattan Office Tower Lands $400M Refi
- May 11, 2020
A joint venture between George Comfort & Sons, Loeb Partners Realty and JPMorgan Chase Asset Management has taken a $400 million refinancing package from MetLife for 498 Seventh Avenue, a 960,000-square-foot office mid-rise in Midtown Manhattan, according to public records. The recorded loan documents show that $181.7 million of the new mortgage pays down existing debt, with the remaining $218.3 million taken as new capital through a gap note.
The 25-story Times Square South property, four blocks from Penn Station, dates back to 1920, and the building has been significantly updated throughout its history. In early 2013, the structure was awarded LEED Gold certification, according to data from the U.S. Green Building Council. Additionally, the ownership team is currently investing in major capital improvements to the lobby and facade.
The building has a diverse tenant roster, with the largest, 1199SEIU Funds, occupying 580,000 square feet, as reported by Crain’s New York Business. The property’s other notable occupants include Transfix, CB Insights and Cosentini Associates, which moved its headquarters into 60,000 square feet on the 14th and 15th floors last year. In addition to the asset’s office users, the ground floor has 35,000 square feet of retail space, home to a JPMorgan branch and William Esper Studios.