Silverstein, Loeb Get $85M in Financing for Manhattan’s 529 Fifth Ave.
- Nov 06, 2013
Silverstein Properties, Inc. and Loeb Partners Realty, L.L.C. have received a seven-year, $85 million loan from Wells Fargo for 529 Fifth Avenue in New York.
Cushman & Wakefield served as the exclusive advisor to affiliates of Silverstein and Loeb Partners for the financing.
A modern, 20-story Class A office building with floors ranging from approximately 6,800 to 18,000 rentable square feet, 529 Fifth Ave. occupies the southeast corner of Fifth Avenue and 44th Street.
The building contains 282,696 square feet of rentable area, including 18 floors of office space, with retail on the ground, mezzanine and basement floors. It was designed with five setbacks creating five separate classes of floor plates, enabling the property to accommodate a myriad of tenants’ space requirements.
Major tenants include the International Federation of Accountants, Citrin Cooperman & Co., EZE Castle Integration, Inc. and Rosy Blue.
The building is close to both Bryant Park and Times Square and is also just two blocks from Grand Central Station.
According to Alex Hernandez, Cushman & Wakefield’s managing director, 529 Fifth Ave. has strong in-place cash flow with great upside potential.
Steve Kohn, Dave Karson, Hernandez and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the ownership.