Cushman & Wakefield announced today that it served as the exclusive advisor to an affiliate of SL Green Realty Corp. (NYSE: SLG) in arranging a $275 million senior mortgage loan for 220 East 42nd Street in New York. The seven-year financing was provided by Wells Fargo.
220 East 42nd Street, also known as The News Building, is a 37-story, 1.2 million square foot, multi-tenanted, office building located between Second and Third Avenues and just a short walk from Grand Central Terminal. Major tenants in the building include Omnicom Group (S&P: BBB+), WPIX, which is owned by the Tribune Company, and the United Nations. Its landmark lobby features a rotating globe, which was made famous in the Superman television series of the 1950’s and today continues to attract visitors from around the world.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Dave Karson, Alex Hernandez, Christopher Moyer and John Spreitzer served as exclusive advisor to an affiliate of SL Green Realty Corp.
“Lenders were highly attracted to this exceptional financing opportunity; a chance to provide financing to SL Green Realty Corp. on a high-quality office property near Grand Central,” said Kohn, President of Cushman & Wakefield’s Equity, Debt & Structured Finance group.