Alexander’s, Inc. has successfully refinanced the office condominium portion of 731 Lexington Ave., a Class A building in Midtown Manhattan that serves as Bloomberg LP’s headquarters. The previous loan on the office condo was for $490 million and had an interest rate tied to the prime rate (currently at 8%), with a maturity date set for this month.
The new loan is worth $400 million and carries a fixed interest rate of 5.045%. It will mature in October 2028 and can be prepaid without penalty starting in October 2026, giving Alexander’s flexibility with their financial obligations.
This refinancing comes after Bloomberg LP extended their lease for another eleven years back in May, securing all of the available office space at 731 Lexington totaling nearly one million square feet. The prior loan had been sent to special servicing due to its original maturity date being set for June.
Vornado Realty Trust, which holds a stake of about one-third in Alexander’s, developed this property back in 2005 on land formerly occupied by an Alexander’s department store.
