Mortgage Observer

MetLife Refinances Shorenstein Properties’ 850 Third Avenue

850 Third Avenue.

MetLife is providing Shorenstein Properties with a $170 million floating rate loan to refinance the San Francisco-based firm’s office property at 850 Third Avenue, originally known as the Western Publishing Building, Mortgage Observer has first learned.

The term of the loan will be for three years, according to MetLife, and will replace a $180 million loan provided by Deutsche Bank in 2010. Read More

Lease Beat

RXR Realty Signs 99-Year Lease at 75 Rockefeller Plaza

Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.

The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More