Connect with us

Financing

Vornado lands Refi at 650 Madison Avenue

650 Madison Avenue (Credit: Vornado)

A Vornado Realty Trust-led joint venture has secured an $800 million loan package from Barclays, Goldman Sachs, Citi, and BMO Harris Bank to refinance 650 Madison Avenue, according to Press Release from Vornado. The 28-story office tower spans 595,000 square feet, and consists of a prime retail component with 200 feet of frontage along Madison Avenue between 59th and 60th Streets. 

  • Financing details: The 10-year, interest-only loan replaces around $800 million in acquisition debt, and carries a fixed rate 3.486 percent.
  • Office Tenants include: Ralph Lauren (300,000 square feet), Memorial Sloan-Kettering Cancer Center (100,000 square feet), and Lakewood Capital, while retail tenants include Tod’s, Moncler, and Celine. The building is 97 percent occupied.
  • Composition of Joint Venture: Oxford Properties Group, Crown Acquisitions, and Highgate also hold ownership stakes in the property, with Vornado maintaining 20.1 percent.
  • Flashback: The joint venture paid $1.3 billion to the Carlyle Group for the office and retail building in 2013. At the time, the retail space represented around 75 percent of the value of the asset.
Continue Reading
To Top