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SL GREEN, VORNADO SCORE $1B LOAN EXTENSION FOR NYC TROPHY TOWER

By Gabriel Frank



April 17, 2024


OfficeFeaturedNew YorkNewsMoreNortheast






IN TOTAL, THE COMPANY RECENTLY RESTRUCTURED, MODIFIED OR EXTENDED MORE THAN $2
BILLION IN DEBT.



280 Park Ave., which had a $1.075 billion loan maturity extended by two years.
Image courtesy of CommercialEdge

SL Green Realty Corp. and Vornado Realty Trust have secured a two-year extension
for the $1.1 billion securitized mortgage on 280 Park Ave. in Midtown Manhattan.

Originally due to mature this September, the loan on the 1.3 million-square-foot
trophy tower will now come due in September of 2026, with the partners retaining
the option to fully extend the maturity date to 2028.

According to CommercialEdge information, the loan, taken out in 2017 and
originated by Deutsche Bank, replaced a $900 million refinancing that was
secured the previous year.


A MIDTOWN TROPHY

Commercial Observer reported that SL Green and Vornado entered into a special
servicing agreement with Wells Fargo last December, which started negotiations
for the now-complete extension. That month, the owners also closed on a lease
renewal and expansion with PJT Partners, which brought the tenant’s footprint at
the property to 270,000 square feet.

--------------------------------------------------------------------------------

READ ALSO: ULI Special Report: What’s Ahead for CBDs

--------------------------------------------------------------------------------

One of Midtown’s most recognizable office towers, 280 Park was built in 1962 and
underwent a $150 million gut renovation in 2014. SL Green acquired a $500
million, 49.5 percent ownership stake in the asset in 2011. CBRE handles leasing
at the property, tenants including Wells Fargo, Greystar, Investcorp and
Franklin Templeton.

As its address suggests, 280 Park is flanked by many of Midtown’s most
recognizable landmarks and destinations, including Grand Central Terminal and
Rockefeller Center, both of which being roughly a quarter mile to the south and
west, respectively.


PART OF A $2.1 BILLION DEBT ADJUSTMENT STRATEGY

The deal is part of $2.1 billion in recent strategic debt modifications and
extensions across SL Green’s portfolio. One of the other deals involved a $125
million mezzanine loan also encumbering 280 Park. The partnership separately
modified and extended that note and subsequently repaid the loan for $62.5
million.

Together with its joint venture partners, the company also closed on the
modification and extension of the $360 million loan on 100 Park Ave. The
maturity date of the mortgage was extended by two years, to December 2025.

Additionally, SL Green also completed the modification and extension of the
mortgage on 10 E. 53rd St., a 37-story office building. The modification
comprised a paydown of the principal balance by $15.0 million, to $205 million,
and extended the maturity date by three years to May 2028. SL Green also entered
into a contract to acquire its partner’s 45 percent interest in the nearly
393,000-square-foot asset for $7.2 million, with the sales expected to close in
the fourth quarter of this year.

CBRE, Deutsche Bank, SL Green Realty Corp., Vornado Realty Trust, Wells Fargo



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