SL Green, Vornado Complete $900M Refinancing of 280 Park Avenue
NEW YORK CITY — SL Green Realty Corp. and Vornado Realty Trust have closed on the $900 million refinancing of 280 Park Avenue, a 1.2 million-square-foot office building in Manhattan that is jointly held by the companies. The new three-year loan features four one-year extension options and a floating interest rate of LIBOR plus 2 percent. The loan replaces the previous $721 million indebtedness that carried an interest rate of 6.35 percent. The office building recently under went a $150 million redesign and renovation of the building’s façade and interior. Renovations included the creation of an expansion world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.