On behalf of Affiliates of RXR Realty (‘RXR’), global commercial real estate advisory firm Newmark has arranged a $404 million floating-rate loan for the refinancing of 32 Old Slip, located in New York, NY.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Debt & Structured Finance, along with Nick Scribani, Chris Kramer, and Dylan Kane. The loan was provided by Mesa West Capital.
The Property is a 36-story, 1.15 million square-foot, Class A office building situated in Downtown Manhattan, on Old Slip between Front and South Streets. Built in 1987, the Property features sweeping views of the East River, New York Harbor, and Downtown Skyline, with large floorplates up to 38,000 square feet and ceiling heights ranging from 13’6” to 16’6,” as well as a tenant-exclusive parking garage. The Property is over 90% leased with a weighted average lease term of 10+ years. With over 150,000 square feet of leases that are greater than 10% below-market expiring during the loan term, RXR has invested heavily into the Property, currently completing a multi-million-dollar lobby renovation and extensive infrastructure upgrades. The major tenants include Cahill Gordon & Reindel, DAIWA Securities, U.S. Census Bureau, and Tradition Financial Services.
“32 Old Slip stands out among its peers as the premier office product in the up and coming Seaport District, surrounded by hundreds of high-quality restaurants and retailers all within walking distance to the Property,” said Stolly.
“The unmatched views of the East River and unique amenity offerings at 32 Old Slip make the property a very attractive home for the most desirable tenants like Cahill Gordon & Reindel,” said Roeschlaub.
RXR Realty LLC is a New York-based, nearly 500-person, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including ground up real estate development, uncovering value in underperforming properties, redevelopment of existing properties and value-added lending. RXR’s primary investment strategy is focused on New York City and the surrounding region. The RXR platform manages 61 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.5 billion, comprising approximately 24.4 million square feet of commercial properties, inclusive of a multifamily residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,700 multifamily and for sale units in the New York Metropolitan area as of December 31, 2018.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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