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Newmark Arranges $312M Sale of Plaza District Office Tower
Newmark said Friday it has advised on the sale and arranged $155 million in acquisition financing for 10 E. 53rd St., a 385,224-square-foot Class A office tower in Manhattan’s Plaza District. Meadow Partners acquired the property from seller SL Green Realty Corp. for $312 million. The acquisition loan was provided by Corebridge Financial, according to published reports.
Co-head of U.S. Capital Markets Adam Spies, executive vice chairman Adam Doneger and executive managing director Avery Silverstein advised the seller, while Co-head of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani, director Tim Polglase and analysts Stavros Giannakopoulos and Lance Tillman secured the financing with Corebridge.
The sale ends a hold period that lasted nearly 15 years. SL Green acquired 10 E. 53rd in early 2012 for $252.5 million and invested $67 million in capital improvements during its ownership. The property’s tenant roster includes Equinox, Magnetar, Urban Compass and Ermenegildo Zegna.
- ◦Sale/Acquisition
- ◦Financing
