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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $350 Million
Loan for 590 Madison Ave. in Manhattan
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Thursday, January 25, 2007
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New York, NY
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Sonnenblick Goldman has arranged the $350 million first mortgage loan on behalf of the State Teachers Retirement System of Ohio (STRS Ohio) for 590 Madison Ave. in Manhattan The financing was provided by Goldman Sachs.
“At less than 30 percent loan-to-value for one of the premier office buildings in the country and a major state pension fund borrower, it is difficult to imagine a more secure loan,” said Steven Kohn, president of Sonnenblick Goldman.
According to Alex Hernandez, vice president of Sonnenblick Goldman, “The competition for this financing was fierce, and the ultimate terms reflected that fact.”
Formerly known as the IBM Building, 590 Madison Ave. is one of Manhattan’s trophy office buildings. Containing more than one million rentable square feet in its 42 stories, the building features 39 stories of office space, a 73-space executive parking facility, and ground-, lower- and mezzanine-level retail space. Tenants include IBM, Akin Gump Strauss & Field, Smith Barney, Lovells, Bank of America and Tourneau.
Located at Madison Avenue and 57th Street, 590 Madison Ave. is located in the heart of the Plaza District, Midtown Manhattan’s most prestigious and distinguished neighborhood and at the epicenter of Manhattan’s most upscale retail corridors.
STRS Ohio is one of the nation’s premier retirement systems, serving more than 439,200 active, inactive and retired Ohio public educators. With investment assets of approximately $68 billion, STRS Ohio is the 17th largest domestic pension fund in the country, including a real estate portfolio valued at $5.3 billion.
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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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