JLL Arranges $545M Refinancing for Historic 711 Fifth Avenue Office Building in Manhattan
NEW YORK CITY — JLL has arranged a $545 million loan for the refinancing of 711 Fifth Avenue, a 340,024-square-foot office building in Manhattan.
Originally built in 1927, the 18-story building consists of 284,061 square feet of office space and 55,963 square feet of retail space. In its 93-year history, 711 Fifth Avenue has served as the both the corporate and regional headquarters of companies such as NBC, Columbia Pictures and Coca-Cola.
The building is located near Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaires’ Row.
Goldman Sachs served as the senior lender on the deal. The borrower was a partnership between locally based development firm SVHO, Deutsche Finance America and BLG Capital. The partnership acquired the building in September 2019.
A portion of the proceeds will be used to fund capital improvements, including upgrades to the lobby, mechanical systems, terraces and other outdoor common areas.
The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York City.
Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor led the JLL team that placed the debt. Wachtel Missry LLP served as the borrower’s legal advisor for this investment.
— Taylor Williams