By Corina Stef
A joint venture of BlackRock Real Estate Assets and L&L Holding Co. has received $175 million in financing for 600 Third Ave., a 575,000-square-foot, Class A office building in Manhattan. The three-year, interest-only, adjustable-rate term loan has two one-year extension options and will be used to pay off existing debt. Capital One provided the mortgage.
The 42-story development sits steps away from Grand Central Terminal and four major subways. Built in 1970, it underwent recent lobby and building system renovations and was awarded Energy Star certification in 2010. Notable tenants include L-3 Communications, Shake Shack, 3G Capital and Aaronson Rappaport Feinstein & Deutsch, to name a few.
Capital One Vice President Jonathan Smith negotiated the terms of the loan. “The caliber of the sponsorship, the quality of the underlying asset and the low level of leverage the sponsors required translated into fierce competition for the refinancing,” Smith said in a prepared statement.
L&L Holding is staying busy in Manhattan, with other current projects including the 900,000-square-foot redevelopment of 390 Madison Ave.
Image courtesy of L&L Holding Co.