SL Green has secured $510 million in mortgage financing from Aareal Capital, Citi, and French lender Credit Agricole for its office building at 220 East 42nd Street (AKA The News Building). The 1-million-square-foot skyscraper is 97% leased to around 60 tenants, and sits between Second and Third Avenues.
- Tenant roster: United Nations, Visiting Nurse Service of New York (308,115 SF), Omnicom Group (231,000 SF), and TV station WPIX. The REIT announced in a press release the liquidity generated by this transaction allowed it to repay its unsecured revolving credit facility.
- Worth Noting: SL Green recently sold a pair of commercial condos in the building to the Young Adult Institute for $26.7 million. The two units span a total of 47,707 square feet.
- How we got here: Jacob Chetrit bailed on his contract to acquire the property for $815 million in March. SL Green intends to retain the $35 million non-refundable deposit. [CO]