Real Estate

SL Green Refinances $600 Million Construction Loan

NEW YORK — SL Green Realty Corp., Manhattan’s largest office landlord, has closed on a new $600 million construction loan for 410 Tenth Avenue, the Company’s 636,000 square foot Manhattan office redevelopment anchored by Amazon and First Republic Bank. The building was previously known as 460 West 34th Street (photo above). SL Green purchased a majority stake in the building in 2019.

Last December, Internet giant Amazon signed a 335,408-square-foot lease for the office space in Hudson Yards on Manhattan’s West Side. In April 2019, First Republic Bank signed a 211,521-square-foot, 15-year lease to occupy a portion of the ground and mezzanine floors with two new retail bank branches together with the entire second through sixth floors for corporate offices.

The new loan was provided by a consortium of domestic and international banks led by Goldman Sachs and Wells Fargo Bank, N.A.

At closing, the new 5-year loan repatriated $33.9 million of capital previously invested into the project by SL Green and will fund all future capital through completion. This facility replaces the previous $465.0 million construction loan that was put in place in 2019.

“This financing reflects the global capital market’s continued confidence in Class-A, quality Manhattan office assets with strong, credit rated tenants, and specifically exemplifies the resiliency of New York City,” said Andrew Mathias, President of SL Green. “We now look ahead to completing this project in the third quarter of 2021, on time and on budget.”

SL Green is currently working on a redevelopment of the 20-story, future Class-A office building. 410 Tenth Avenue was once known as the Master Printers Building and the building’s redesign will honor its industrial heritage. The redevelopment will include a relocation of the building’s lobby entrance from 34th Street to 33rd Street, construction of a new glass encased steel lobby paired with new 9-foot-high industrial style windows overlooking a new viewing garden, new elevators, double height storefronts, and façade re-coloring. An additional highlight will be the new 5,000-square-foot roof deck along with a 3,000-square-foot tenant lounge, ideal for daily employee use and also available for tenants to host evening events. The building enjoys numerous, large terraces for tenant use. Office floors have 13.5-foot slab heights with mushroom-capped columns which provide an exciting and creative work environment.