Times Sq. Plaza financing arranged.

Sonnenblick-Goldman Company, acting as the exclusive advisor to ZAPCO 1500 Investment, LP/Intertech Corp., has arranged a $150 million mortgage loan for Times Square Plaza at 1500 Broadway in Manhattan. Metropolitan Life Insurance provided the funding.

Located on Broadway between 43rd and 44th streets in the heart of Times Square in Midtown Manhattan, 1500 Broadway is a 33-story, Class A office building containing 497,874 rentable square feet of space (with 87,011 square feet of retail space). Situated just across 43rd Street from Time Square Plaza is 4 Times Square, the future home of Conde Nast and Skadden Arps.

Times Square Plaza is currently 99 percent leased to companies doing business in areas as diverse as media, entertainment, publishing, public relations, advertising, law and financial services. Major tenants include Disney Enterprises and Edelman Worldwide, one, of the world's largest public relations firms.

Disney/ABC signed a 21-year lease in November of 1997 for 75,865 square feet of retail space at Times Square Plaza. ABC Television is broadcasting its popular morning show "Good Morning America" from the ground floor level, with a set that allows the television viewer to view the action and excitement of Times Square, and passers-by to view live broadcasts. The interior installation cost is approximately $1,000 per square foot.

"Given today's volatile capital markets, a loan of this size - equating $300 per square foot - reflects the market's positive view of Times Square, the property and the strong ownership," said Steve Kohn, managing director of Sonnenblick-Goldman's Capital Markets Group.