SG inks $80m deal for Silverstein's 529 Fifth.Sonnenblick Goldman has arranged an $80 million loan for 529 Fifth Avenue. Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Mortgage Capital provided the loan which is secured by the owner's fee-simple interest in the property. The 19-story institutional-quality office building is located in the heart of Manhattan's Grand Central office submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. , and contains more than 270,000 rsf of office and retail space. 529 Fifth Avenue is leased to a diverse set of corporate, professional and specialty firms. Approximately 70% of the tenants' leases expire after 2012. Located within two blocks of Grand Central Terminal, 529 Fifth Avenue is situated in the center of the Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town submarket, which is known for its strong performance through 2006. Vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates for the submarket in third quarter of 2006 were a low 6.5 percent, the lowest since early 2001, and rents are expected to continue to rise throughout 2007. "The lender was attracted to the building's strong cash flow and the excellent sponsorship entity led by Larry Silverstein Larry A. Silverstein (born 1932 in Bedford-Stuyvesant in Brooklyn, New York) is an American billionaire real estate investor and operator and the head of Silverstein Properties, a real estate development group. ," said Arthur Sonnenblick, senior managing director of Sonnenblick Goldman. |
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