NEW YORK CITY — SL Green Realty Corp. has purchased Ivanhoe Cambridge’s stake in 388-390 Greenwich Street, a two-building, 2.6 million-square-foot office property in Manhattan, in conjunction with a $1.45 billion refinancing of the property. A lending group comprising Citigroup, Bank of China, Wells Fargo and Barclays provided the new 7-year mortgage. The loan, which has an interest at LIBOR plus 1.75 percent, features an initial 4-year term and three 1-year as-of-right extension options. The loan is replacing the former $1.14 billion financing. The refinancing follows the triple-net lease renewal by an affiliate of Citigroup Inc. for the entire 2.6 million-square-foot complex through year-end 2035, and SL Green’s agreement to purchase Ivanhoe Cambridge’s stake. Eastdil Secured arranged the financing of behalf of SL Green. Callahan Capital Properties and Eastdil Secured advised Ivanhoe Cambridge in the transaction. Ivanhoe Cambridge expects to reinvest proceeds, building a national U.S. office platform alongside our strategic partner Callahan Capital Properties.
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