Dealmaker: NYL-Led Group Lends $507M in Manhattan

New York Life Real Estate Investors and two partners originated $507 million secured by Eleven Times Square, a 1.1-million-square-foot office building in midtown Manhattan.

Eastdil Secured, New York, arranged the 10-year financing from New York Life, Northwestern Mutual, Milwaukee, Wis. and the New York State Teachers’ Retirement System, Albany, N.Y.  

A partnership of affiliates of Prudential Real Estate Investors, Newark, N.J., Norges Bank Investment Management and SJP Properties owns the Class A property. Norges Bank Investment Management, a subsidiary of Norway’s central bank, purchased a 45-percent stake in the asset in February.

Operating partner SJP Properties will continue to manage and lease the 40-story LEED-certified building, which delivered in 2010. SJP will maintain its New York City headquarters in the building. Other Eleven Times Square tenants include anchor tenant law firm Proskauer Rose, which leases 400,000 square feet, Microsoft Corp. and hedge fund Moore Capital Management. 

New York Life Real Estate Investors Senior Director Eric Becher said Eleven Times Square, located immediately north of the New York Times building, offers access to numerous subway lines, the Port Authority bus terminal and railway stations Grand Central Terminal and Penn Station.