{"id":1004022773,"date":"2010-08-30T12:24:10","date_gmt":"2010-08-30T20:24:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004022773"},"modified":"2022-12-07T14:38:45","modified_gmt":"2022-12-07T22:38:45","slug":"135m-financing-deal-closes-for-300-park-avenue","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/135m-financing-deal-closes-for-300-park-avenue\/","title":{"rendered":"$135M Financing Deal Closes for 300 Park Avenue"},"content":{"rendered":"<p>August 30, 2010<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/300-Park-Avenue-2.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004022774\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/135m-financing-deal-closes-for-300-park-avenue\/300-park-avenue-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/300-Park-Avenue-2.jpg\" data-orig-size=\"200,257\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"300 Park Avenue &#8211; 2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/300-Park-Avenue-2.jpg?w=200\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/300-Park-Avenue-2.jpg\" alt=\"\" title=\"300 Park Avenue - 2\" width=\"200\" height=\"257\" class=\"alignright size-full wp-image-1004022774\" \/><\/a><\/p>\n<p>The premier office tower at 300 Park Avenue in New York City did not have debt attached to it a few days ago, but it does now. Tishman Speyer Office Fund, owner of a 45.9 percent stake in the 773,300-square-foot building, has revealed the closing of the $135 million financing of the property, which currently has an appraised value of $725 million.<\/p>\n<p>Located across from the Waldorf-Astoria Hotel in Midtown Manhattan, 300 Park Avenue first opened its doors in 1955 and underwent major renovations in 1998 and 2000. The 26-story building includes about 747,700 square feet of office space and 21,100 square feet of retail space. Colgate-Palmolive, occupying 503,100 square feet, is the lead tenant at 300 Park, which was 90.8 percent occupied as of June 30.<\/p>\n<p>The loan, secured by a first mortgage on the property, as well as an assignment of leases and rents, is scheduled to mature on January 8, 2014 and features an option for a one-year extension. Tishman Speyer Office Fund walked away with net proceeds of $59 million and will use $8.1 million of the funds to pay down the United States REIT facility, leaving the rest to be held in a lender-controlled interest reserve to pay the interest costs under the United States REIT loan. <\/p>\n<p>For the year ending June 30, 2010, Tishman Speyer Office Fund reported a post-tax accounting loss of approximately $16 million. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The premier office tower at 300 Park Avenue in New York City did not have debt attached to it a few days ago, but it does now.<\/p>\n","protected":false},"author":936,"featured_media":1004022774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21747],"tags":[],"class_list":["post-1004022773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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