Vornado Realty Trust, a fully-integrated equity real estate investment trust, announced that its 20.1% owned joint venture has completed an $800 million refinancing of 650 Madison Avenue, a 600,000 square foot Manhattan office and retail property.
The ten-year interest only loan carries a fixed rate of 3.486% and matures in December 2029.
The loan replaces the previous $800 million loan that bore interest at a fixed rate of 4.39% and was scheduled to mature in October 2020.
650 Madison Avenue is located in the heart of the Plaza District with unique views of Central Park and a prestigious lobby designed by Armas & Shannon. The office space is world headquarters for Polo Ralph Lauren and retail tenants include Celine, Moncler, and Tod’s.