A subsidiary of Lord & Taylor has obtained a $250 million mortgage loan from CIBC and Natixis on its iconic flagship store at 424 Fifth Avenue, between West 38th and West 39th Streets, according to Hudson’s Bay Company, the owner of the department store chain.
Lease of the Week
It’s not uncommon to hear Manhattan’s real estate market characterized as sophisticated or complex.
Not every day, however, does a requirement as straightforward as Dentsu McGarryBowen’s uncork such an elaborate and interconnected series of transactions as it did at the Starrett-Lehigh Building.
A longtime tenant in the 2.3-million-square-foot building and one of the property’s largest users, the advertising firm needed to expand. But there was a small problem: Despite its size, the building—an artsy, far West Side location popular among creative tenants—had virtually no available space.