{"id":1004434045,"date":"2020-05-11T03:30:18","date_gmt":"2020-05-11T11:30:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004434045"},"modified":"2020-05-11T03:30:18","modified_gmt":"2020-05-11T11:30:18","slug":"midtown-manhattan-office-tower-lands-400m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/","title":{"rendered":"Midtown Manhattan Office Tower Lands $400M Refi"},"content":{"rendered":"<div id=\"attachment_1004434066\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004434066\" data-attachment-id=\"1004434066\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/498-seventh-avenue-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"498 Seventh Avenue\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;498 Seventh Avenue&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg?w=640\" class=\"size-medium wp-image-1004434066\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004434066\" class=\"wp-caption-text\">498 Seventh Avenue<\/p><\/div>\n<p>A joint venture between George Comfort &amp; Sons, Loeb Partners Realty and JPMorgan Chase Asset Management has taken a $400 million refinancing package from MetLife for 498 Seventh Avenue, a 960,000-square-foot office mid-rise in Midtown Manhattan, according to public records. The recorded loan documents show that $181.7 million of the new mortgage pays down existing debt, with the remaining $218.3 million taken as new capital through a gap note.<\/p>\n<p>The 25-story Times Square South property, four blocks from Penn Station, dates back to 1920, and the building has been significantly updated throughout its history. In early 2013, the structure was awarded LEED Gold certification, according to data from the U.S. Green Building Council. Additionally, the ownership team is currently investing in major capital improvements to the lobby and facade.<\/p>\n<p>The building has a diverse tenant roster, with the largest, 1199SEIU Funds, occupying 580,000 square feet, as reported by <em>Crain\u2019s New York Business<\/em>. The property\u2019s other notable occupants include Transfix, CB Insights and Cosentini Associates, which <a href=\"https:\/\/www.commercialsearch.com\/news\/cosentini-associates-to-relocate-manhattan-hq\/\">moved its headquarters<\/a> into 60,000 square feet on the 14th and 15th floors last year. In addition to the asset\u2019s office users, the ground floor has 35,000 square feet of retail space, home to a JPMorgan branch and William Esper Studios.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A George Comfort &#038; Sons joint venture owns the 960,000-square-foot Times Square South property.<\/p>\n","protected":false},"author":861,"featured_media":1004434066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[36351,48089,35274,32779,38582,32924],"class_list":["post-1004434045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-capital-improvement","tag-george-comfort-sons","tag-jpmorgan-chase","tag-leed","tag-loeb-partners-realty","tag-metlife"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Midtown Manhattan Office Tower Lands $400M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midtown Manhattan Office Tower Lands $400M Refi\" \/>\n<meta property=\"og:description\" content=\"A George Comfort &amp; Sons joint venture owns the 960,000-square-foot Times Square South property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-11T11:30:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/\"},\"author\":{\"name\":\"Jeff Hamann\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9dada606742ec2aa010683bdabf468f4\"},\"headline\":\"Midtown Manhattan Office Tower Lands $400M Refi\",\"datePublished\":\"2020-05-11T11:30:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/\"},\"wordCount\":217,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/05\\\/498-Seventh-Avenue.jpg\",\"keywords\":[\"Capital improvement\",\"George Comfort &amp; Sons\",\"JPMorgan Chase\",\"LEED\",\"Loeb Partners Realty\",\"MetLife\"],\"articleSection\":[\"Finance\",\"New York\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/\",\"name\":\"Midtown Manhattan Office Tower Lands $400M Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/05\\\/498-Seventh-Avenue.jpg\",\"datePublished\":\"2020-05-11T11:30:18+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9dada606742ec2aa010683bdabf468f4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/05\\\/498-Seventh-Avenue.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/05\\\/498-Seventh-Avenue.jpg\",\"width\":640,\"height\":512,\"caption\":\"498 Seventh Avenue\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/midtown-manhattan-office-tower-lands-400m-refi\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Midtown Manhattan Office Tower Lands $400M Refi\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9dada606742ec2aa010683bdabf468f4\",\"name\":\"Jeff Hamann\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Jeff-Hamann.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Jeff-Hamann.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Jeff-Hamann.jpg?w=96\",\"caption\":\"Jeff Hamann\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/jeffh\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Midtown Manhattan Office Tower Lands $400M Refi - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/","og_locale":"en_US","og_type":"article","og_title":"Midtown Manhattan Office Tower Lands $400M Refi","og_description":"A George Comfort & Sons joint venture owns the 960,000-square-foot Times Square South property.","og_url":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2020-05-11T11:30:18+00:00","og_image":[{"width":640,"height":512,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg","type":"image\/jpeg"}],"author":"Jeff Hamann","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/"},"author":{"name":"Jeff Hamann","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4"},"headline":"Midtown Manhattan Office Tower Lands $400M Refi","datePublished":"2020-05-11T11:30:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/"},"wordCount":217,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg","keywords":["Capital improvement","George Comfort &amp; Sons","JPMorgan Chase","LEED","Loeb Partners Realty","MetLife"],"articleSection":["Finance","New York","News","Northeast","Office"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/","url":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/","name":"Midtown Manhattan Office Tower Lands $400M Refi - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg","datePublished":"2020-05-11T11:30:18+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg","width":640,"height":512,"caption":"498 Seventh Avenue"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-tower-lands-400m-refi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Midtown Manhattan Office Tower Lands $400M Refi"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4","name":"Jeff Hamann","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Jeff-Hamann.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Jeff-Hamann.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Jeff-Hamann.jpg?w=96","caption":"Jeff Hamann"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/jeffh\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/498-Seventh-Avenue.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004434045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/861"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004434045"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004434045\/revisions"}],"predecessor-version":[{"id":1004434444,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004434045\/revisions\/1004434444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004434066"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004434045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004434045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004434045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}