New York City’s largest owner of commercial office properties SL Green Realty Corp. and development firm The Moinian Group are jointly recapitalizing a fully leased class A waterfront office tower in downtown Manhattan’s financial district. SL Green has bought a 49.9 percent holding in the joint venture (JV) consisting of $41.0 million in cash and operating partnership units worth $31.7 million.
The JV has also refinanced the prevailing $344.2 million indebtedness with a five-year $280 million mortgage with Bank of China and Canadian Imperial Bank of Commerce. The office tower is corporate headquarters to blue chip tenants such as American International Group and its unit Chartis Insurance, as well as law firm Stroock Stroock & Lavan.
Click here for the release from Business Wire.