{"id":1004765229,"date":"2025-07-17T02:42:13","date_gmt":"2025-07-17T10:42:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004765229"},"modified":"2025-07-17T05:34:17","modified_gmt":"2025-07-17T13:34:17","slug":"vornado-lands-450m-for-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-lands-450m-for-manhattan-tower\/","title":{"rendered":"Vornado Lands $450M for Manhattan Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/PENN-11-in-Manhattan.jpg\"><img decoding=\"async\" data-attachment-id=\"1004765231\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-450m-for-manhattan-tower\/penn-11-in-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/PENN-11-in-Manhattan-e1752737057366.jpg\" data-orig-size=\"640,480\" 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;\\u00a9 Yardi Systems, Inc.&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=\"PENN 11 in Manhattan\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/PENN-11-in-Manhattan-e1752737057366.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/PENN-11-in-Manhattan.jpg\" alt=\"Exterior shot of PENN 11, a 1.2-million-square-foot, 26-story office building in Midtown Manhattan.\" class=\"wp-image-1004765231\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The 1.2 million-square-foot PENN 11 opened more than a century ago, in 1923. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Vornado Realty Trust has obtained a $450 million refinancing loan for PENN 11, a 1.2 million-square-foot office property at 393 Seventh Ave. in Manhattan. The five-year note has a fixed rate of 6.35 percent and is scheduled to mature in August 2030.<\/p>\n\n\n\n<p>Citigroup, BMO Capital Markets and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale co-originated the single-asset, single-borrower CMBS loan, <em>Commercial Observer <\/em>reported, citing <em>Bloomberg<\/em>.<\/p>\n\n\n\n<p>Proceeds will retire the outstanding balance of a $500 million note issued by Citibank in 2020, which was slated to mature this October, according to Yardi Research Data. Vornado has already paid off $50 million of that debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-century-old-penn-11\">The century-old PENN 11<\/h2>\n\n\n\n<p>Designed by Starrett &amp; van Vleck and completed in 1923, PENN 11 is a 26-story asset with floorplates ranging from 14,711 to 55,109 square feet. Vornado acquired it in 1980 from The Equitable Life Assurance Society of the United States for $30 million, the same data provider shows.<\/p>\n\n\n\n<p>The LEED Gold-certified property houses the New York headquarters of Macy\u2019s and AMC Networks Inc. The latter is the second-largest tenant after Apple, which occupies 460,629&nbsp;square feet\u2014almost 40 percent of the building&#8217;s net rentable area, Morningstar reported. At the end of March, PENN 11 was 96.6 percent leased to 10 tenants.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-design-trends-whats-in-whats-out\/\">The Office of the Future<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located in Midtown Manhattan, the property is adjacent to Madison Square Garden and Penn Station and equidistant from Chelsea Park and Empire State Building, less than 1 mile away.<\/p>\n\n\n\n<p>The office tower is also 1 mile from <a href=\"https:\/\/www.commercialsearch.com\/news\/vornado-jv-to-sell-manhattan-building-for-205m\/\">another century-old office property<\/a>, owned by Vornado and The Albanese Organization, that will change hands for $205 million. The deal is scheduled to close in the third quarter of this year.<\/p>\n\n\n\n<p><a href=\"http:\/\/Manhattan Office Market Shows a Promising Start\">Manhattan&#8217;s office market<\/a> registered the highest average asking rates in the U.S. as of May, at $68.08 per square foot, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-june-office-report\/\">Yardi Matrix report<\/a>. The figure was down 4.5 percent year-over-year, yet still more than double the national figure of $33.15. Meanwhile, office vacancy in the borough fell to 15.7 percent, reflecting a 50-basis-point drop in the last 12 months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The existing loan was scheduled to mature in October.<\/p>\n","protected":false},"author":3619,"featured_media":1004765231,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[35564,42920,35826,51612,33030],"class_list":["post-1004765229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-bmo-capital-markets-corporation","tag-citigroup","tag-cmbs","tag-societe-generale","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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