Vornado Realty Trust has secured a $950 million refinancing for 1290 Avenue of the Americas, a 2.1 million square foot Class A Manhattan office building.
The interest only loan bears a rate of LIBOR plus 1.51% (currently 1.60%) in years one to five, increasing .25% in both years six and seven. The loan matures in November 2028, as fully extended.
The loan replaces the previous $950 million loan that bore interest at a fixed rate of 3.34% and was scheduled to mature in November 2022.
Vornado owns a 70% controlling interest in the partnership that owns the building and has sole decision-making authority.
Completed in 1964 and designed by the architectural firm Emery Roth & Sons, it was acquired by Vornado Realty Trust in 2007.
The 43-story office building is centrally located at the heart of Midtown Manhattan, adjacent to Rockefeller Center and the iconic Radio City Music Hall.
Current tenants at the building include AXA, Bryan Cave Leighton Paisner LLP, Columbia University, Cushman & Wakefield, Fitzpatrick, Cella, Harper & Scinto, Hachette Book Group, Neuberger Berman, State Street Bank.