New York & Tri-State + Midtown New York + Finance | December 13, 2022

Sage Realty, Travelers Companies Score $155M Refi of 777 Third Ave.

Co-owners Sage Realty and the Travelers Companies have refinanced their office tower at 777 Third Ave. with a $155-million loan. The five-year loan, with a five-year extension option, was provided by Signature Bank and will be used to repay the existing loan and fund future capital improvements at the Midtown Manhattan property.

“This loan closing proves that even in a challenging financial climate, Sage is capable of moving forward with our plans through the support of a longstanding, trusted partner like Signature Bank,” said Sage CFO Boris Katsman. “777 Third Ave. is one of the Grand Central Business District’s most distinctive office towers and is currently 96 percent leased, which reinforces the quality of the property. When you have a great partner and a great asset, you can still achieve success in this market.”

Additionally, 777 Third Ave. is undergoing a 15-year mortgage refinancing with Aegon.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).