NYC Asset Lands $900M Refinancing
- May 30, 2019
Stellar Management, along with minority owner Imperium Capital, has secured a $900 million refinancing package for One Soho Square, a Class A office and retail property in Manhattan. The firm purchased the two-building asset in 2012 and has since completed a total renovation. Goldman Sachs provided the loan, arranged by a Cushman & Wakefield team led by Alex Hernandez.
Located at 233 Spring St., in the Hudson Square and Soho neighborhoods, One Soho Square consists of the 13-story One Soho Square East and the 15-story One Soho Square West, totaling a combined 768,000 square feet. Originally built in 1904 and 1926, the properties were completely renovated in 2017.
“In addition to being easily accessible by all major public transportation options, the area benefits from its history as a printing district with large, old-world buildings with oversized floorplans that can accommodate major corporate tenants,” Stellar Management Principal & CIO Matthew Lembo told Commercial Property Executive. “Further the convenience, the amenities and charm of the SoHo neighborhood exemplifies the live/work location that today’s tenants so highly value.”
A growing neighborhood
The Gensler-designed property provides amenities such as a rooftop deck, private outdoor terraces on select floors, 24/7 concierge, a messenger center, secure bike facilities, new passenger elevators and mechanical systems and new bathrooms. Tenants at the property include MAC Cosmetics, Glossier, Flatiron Health, Warby Parker, Aveda, Managed by Q, Double Verify, Trader Joe’s, CS and Aetna Life Insurance Co.
Hudson Square has become a popular destination for tech and startup companies recently. In December, Google announced it was assembling a $1 billion campus in the Hudson Square neighborhood, located on the west side of Manhattan.