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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $80 Million
Loan for 529 Fifth Avenue controlled by Larry Silverstein
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Monday, December 18, 2006
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New York, NY
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Sonnenblick Goldman has arranged an $80 million loan for 529 Fifth Avenue. Morgan Stanley Mortgage Capital provided the loan which is secured by the owner’s fee-simple interest in the property.
The 19-story institutional-quality office building is located in the heart of Manhattan’s Grand Central office submarket, and contains more than 270,000 rentable square feet of office and retail space. 529 Fifth Avenue is leased to a diverse set of corporate, professional and specialty firms. Approximately 70 percent of the tenants’ leases expire after 2012.
Located within two blocks of Grand Central Terminal, 529 Fifth Avenue is situated in the center of the Midtown submarket, which is known for its strong performance through 2006. Vacancy rates for the submarket in third quarter of 2006 were a low 6.5 percent, the lowest since early 2001, and rents are expected to continue to rise throughout 2007.
“The lender was attracted to the building’s strong cash flow and the excellent sponsorship entity led by Larry Silverstein,” said Arthur Sonnenblick, senior managing director of Sonnenblick Goldman.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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