Silverstein Recaps 1177 Avenue of the Americas



1177 Avenue of the Americas (photo courtesy of CoStar)
1177 Avenue of the Americas (photo courtesy of CoStar)

Silverstein Properties recapitalized Midtown office property 1177 Avenue of the Americas, taking a $360 million loan from Deutsche Bank and CCRE, records filed with the city yesterday show.

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A spokesperson for the Silverstein confirmed the deal, but declined to comment on the interest rate. Prior reports say that the developer was set to nab a “sub 3 percent,” rate, however.

The 47-story Class A tower boasts white shoe law firm Kramer Levin Naftalis & Frankel LLP as a major tenant. Located between 45th and 46th streets, recently reported asking rents in the building are $80 per square foot.

Silverstein began the hunt for the loan this January, according to Commercial Mortgage Alert, initially aiming for $400 million.

Silverstein bought the building in 2008 in partnership with a California state employees’ pension fund and a $700 million note from Helaba Bank, which beat out Deutsche in that deal, according to a report at the time from CMA. The pair paid just over $1 billion for the building, according to city records.