BofA Lends Sage $123M to Refinance 767 Third Avenue Office Building
Sage Realty, the leasing and management division of the William Kaufman Organization, has nabbed a $123 million debt package to refinance a Midtown Manhattan office asset, Commercial Observer can first report.
Bank of America provided the loan for 767 Third Avenue, which Sage will use to refinance existing debt along with funding capital improvements and leasing costs. James Millon, Tom Traynor and PJ Finley of CBRE represented Sage in the deal.
“This closing represents the completion of a refinancing which will allow us to move forward with an exciting repositioning of this boutique property,” Boris Katsman, CFO of Sage, said in a statement. “In today’s current market, it’s imperative that we equip our current and future tenants with dynamic spaces built for collaboration and socialization that will best support an evolving workplace environment.”
Designed by architecture firm FXFowle and owned by the William Kaufman Organization, 767 Third Avenue between East 47th and East 48th streets has a total of 310,000 square feet of office space as well as an open plaza area. The 40-story building houses Club 767, which includes a sundeck with landscaping, a dropdown movie screen, and a tenant lounge featuring a communal meeting space equipped with split-screen TVs and a boardroom.
Anchor tenants at 767 Third Avenue include information company Argot Partners, the Consulate General of Jamaica and finance firm Monness, Crespi, Hardt & Co., which all lease multiple floors.
Officials for Bank of America did not immediately return a request for comment.
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