Vornado Realty Trust Lands $350M Refi for Manhattan Tower
- Mar 30, 2021
Vornado Realty Trust has received a $350 million loan to refinance a 1.3 million-square-foot office tower in New York City. The debt bears a fixed rate of 3.23 percent and a maturity date set for 2031. The new financing deal will retire an existing $350 million loan at a fixed rate of 3.91 percent that was scheduled to mature in May this year.
Located at 909 Third Ave. in Midtown Manhattan, the 32-story building occupies the easterly blockfront between 54th and 55th streets. Originally completed in 1967, the property underwent a complete renovation in 2011. The overhaul included energy efficient upgrades, enabling the building to achieve LEED Gold certification.
The high-rise is leased to a diverse mix of tenants, including Boston Partners, Interpublic Group of Cos. and Allergan, according to CommercialEdge data. Additionally, the property includes 2,000 square feet of retail space occupied by U.S. Postal Services.
In mid-February, Vornado Realty Trust and the Trump Organization secured major lease renewals at their San Francisco trophy tower. In a climate of soaring vacancies, Goldman Sachs and Bank of America decided to recommit to the space in the Financial District.