NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE:SLG) and Vornado Realty Trust (NYSE:VNO) today announced that they have closed on the refinancing of 280 Park Avenue, a premier 1,250,000 square foot Manhattan office building that is held by the companies in a joint venture.
The new $900 million loan carries a 3-year term (subject to four 1-year extension options) and a floating interest rate of LIBOR plus 2.00% (currently 2.44%). The loan replaces the previous $721 million indebtedness that carried an interest rate of approximately 6.35%.
The refinancing comes on the heels of the completion of a transformational $150 million redesign and renovation of the building’s façade and interior. Included in the renovations were the creation of an expansive world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.
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