SL Green Realty Corp. and Vornado Realty Trust have secured a two-year extension for the $1.1 billion securitized mortgage on 280 Park Ave. in Midtown Manhattan, the investors said on Wednesday morning.
Originally due to mature this September, the loan on the 1.3 million-square foot trophy tower will now come due in September of 2026, with the partners retaining the option to fully extend the maturity date to 2028.
According to CommercialEdge information, the loan, taken out in 2017, was originated by Deutsche Bank, and was entered into a CMBS pool with Wilmington Trust serving as the lender. That loan replaced a $900 million refinancing that was penciled the previous year.
A Midtown trophy
Commercial Observer reported that SL Green and Vornado entered into a special servicing agreement with Wells Fargo last December, which started negotiations for the now-complete extension. That month, the owners also closed on a lease renewal and expansion with PJT Partners, which brought the tenant’s footprint at the property to 270,000 square feet.
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One of Midtown’s most recognizable office towers, 280 Park was built in 1962 and underwent a $150 million gut renovation in 2014. SL Green acquired a $500 million, 49.5 percent ownership stake in the property in 2011. CBRE handles leasing at the property, and tenants include Wells Fargo, Greystar, Investcorp and Franklin Templeton.
As its address suggests, 280 Park is flanked by many of Midtown’s most recognizable landmarks and destinations, including Grand Central Terminal and Rockefeller Center, both of which sit roughly a quarter mile to the south and west, respectively.
