Rialto Refinances 100 Fifth Avenue With $150M Loan

Sovereign Partners has secured a $150 million loan to refinance an office building a block west of Manhattan’s Union Square, Commercial Observer has learned.

Rialto Capital provided the loan for the 20-story 100 Fifth Avenue property that Sovereign acquired for $126.5 million in 2023. Clarion Partners was the previous owner of the building, which sits at the corner of Fifth Avenue and West 15th Street and is anchored by Adobe.

Since Sovereign’s acquisition, the 277,000-square-foot building has seen 170,000 of new leases, bringing occupancy to 100 percent, according to sources familiar with the deal. Sovereign inked a five-year, 10,600-square-foot lease from investment firm Battery Ventures in November 2023, CO first reported at the time.

Newmark negotiated the financing with a team led by Jordan Roeschlaub and Chris Kramer. 

Rialto Capital, Sovereign Partners and Newmark did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.