Dealmaker: Cushman & Wakefield Arranges $360M Refinancing for 100 Park Avenue

Cushman & Wakefield, Chicago, arranged $360 million to refinance 100 Park Avenue, a 36-story office property in Midtown Manhattan.

Real estate investment trust SL Green Realty Corp., New York, has owned the 903,000-square-foot property since 2000.

Cushman & Wakefield served as the exclusive advisor to SL Green Realty Corp. and its joint venture partner in the procurement of $360 million for the refinancing of 100 Park Avenue, a 36-story, 903,000-square-foot, LEED Gold-certified office property in Midtown Manhattan.

Aareal Capital Corp., New York, provided the floating-rate financing.

Built in 1949, 100 Park Avenue was one of the first new office towers to rise on Park Avenue south of Grand Central Terminal after World War II. Grand Central’s transport hub, the New York Public Library and Bryant Park are each within one block.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Vice Chairman Steve Kohn, Executing Managing Director Alexander Hernandez, Senior Brokerage Specialist Alex Lapidus and Financial Analyst Meredith Donovan and a capital markets team of Chairman Adam Spies and Executing Managing Director Kevin Donner represented SL Green.

“The property’s proximity to Grand Central is highly attractive to employees from within the city as well as to commuters from the suburbs, who would not require a second means of transportation,” said Kohn.

Hernandez said lenders were attracted to the LEED Gold-certified asset and its steady tenancy. The asset has maintained 95-plus percent office collections throughout the COVID-19 pandemic.