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New York & Tri-State  + Downtown New York  + Office  | 

Vornado Completes $500M Refi on PENN11

Vornado Realty Trust has completed a $500-million refinancing of PENN11, a 1.2-million-square-foot Manhattan office building just south of Penn Station along Seventh Avenue. The interest-only loan from an undisclosed lender carries a rate of Libor plus 2.75% and matures in October 2025, as fully extended.

The loan retires a seven-year, $450-million loan that bore interest at a fixed rate of 3.95% and was scheduled to mature in December. When Vornado obtained that financing, the circa-1923 property was still called 11 Penn Plaza.

Formerly known as the Equitable Life Assurance Building, the 26-story PENN11 counts the New York headquarters of Macy’s and AMC Networks among its tenants.

For comments, questions or concerns, please contact Paul Bubny

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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 16-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 7-10 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).

  • ◦Financing