SL Green Realty Corp. and an institutional investor advised by J.P. Morgan Global Alternatives have successfully refinanced 919 Third Avenue, a 1.5 million square foot Class A office building located in Midtown Manhattan for $500 million dollars with a 3-year term, plus two one-year extension options at 250 basis points over Term SOFR (swapped to 6.11% fixed rate).
Doug Traynor, CEO of Aareal Capital Corporation commented on the transaction: “919 Third Avenue is an ideal candidate for refinancing given its preeminent asset quality, core tenant base and respected sponsorship.” The building is currently 80% leased with notable tenants such as Bloomberg L.P., Shulte Roth & Zabel LLP and Mintz occupying space within it; CBRE’s James Millon, Tom Traynor and Mark Finan acted as advisors throughout the process of this successful refinance deal .
