NEW YORK CITY — The Moinian Group has received a $310 million loan for the refinancing of 535-545 Fifth Avenue, a two-building office and retail property located near Grand Central Terminal in Midtown Manhattan.
Deutsche Bank and Société Générale co-funded the loan, while Drew Anderman, Eddie Haber, AJ Bruno and Jared Fried of CBRE represented The Moinian Group in the debt placement process according to CoStar Group.
“This refinancing underscores the value of prime Fifth Avenue assets and our disciplined approach to asset management,” says Joseph Moinian, founder & CEO of The Moinian Group. “We are pleased to secure attractive financing that positions the property for continued long-term success.”
Situated between East 44th and East 45th streets, both buildings underwent renovations in 2009, with Gensler serving as the architect.
Known for its pre-war architecture, the 36-story structure at 535 Fifth Avenue was originally completed in 1927. Spanning 329,733 square feet, the complex is occupied by several corporations, financial institutions, law firms and service organizations.
Located adjacent to the first office building, 545 Fifth Avenue rises 13 stories tall and totals roughly 165,000 square feet of space. The building offers additional ground-floor retail space that houses tenants such as Best Buy and the National Basketball Association (NBA) store.
Together, the office buildings comprise approximately 510,000 square feet.
Founded in 1982 by Joseph Moinian, The Moinian Group develops, owns and operates properties across the office, hotel, retail, condominium and multifamily sectors, with a portfolio of more than 20 million square feet.
— Abby Cox