MetLife lent $190 million to a joint venture between TIAA-CREF and Australia’s sovereign wealth fund, known as the Australian Government Future Fund, to cover upgrades on the partnership’s 685 Third Avenue office tower, Mortgage Observer has first learned.
The five-year debt deal, which closed on March 18, carries a loan-to-value ratio of 54 percent, a MetLife spokesperson said. The 31-story building in Midtown has no existing debt, according to public records.
Integrated Corporate Relations, a financial communications consultancy, will relocate to 685 Third Avenue, The Commercial Observer has learned. The company has signed a 10-year lease for the entire 22,372-square-foot second floor at the East Midtown property.
Asking rent for the second floor space was $55 per square foot but ICR will pay starting rent of approximately $50 per square foot, according to data from CompStak. A listing on Agorafy indicates asking rent for the 22nd floor at the TIAA-CREF-owned building is $68 per square foot.
Technology firm Epiq Systems is on the brink of signing a lease for roughly 100,000 square feet of office space at 685 Third Avenue, The Commercial Observer has learned.
A source familiar with the deal said it was slated to close towards the end of last week, but the deal had not closed by press time.
“A couple more days,” the source said.
Salesforce.com has inked a 10-year lease for 74,349 square feet at 685 Third Avenue, the TIAA-CREF-owned office building in the Grand Central area.
The tech company, which offers cloud-computing services, will be taking a much larger office than the 16,350 square foot office space it currently has at 2 Grand Central, which it will be vacating in favor of 685 Third Avenue.
Cushman & Wakefield’s Gus Field represented Salesforce.com in the deal.