MetLife provided a $254.6m loan to Rudin Management for the refinancing of a 35-story office tower at 1675 Broadway in Midtown Manhattan.
The new loan has a 15-year duration, said a source familiar with the deal. The financing takes out $180m of previous debt backing the property: a $155m senior loan securitized by the Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12, which had a more than $2bn balance at the time of issuance, and an additional $25m B note.
The 850,000 sq ft building, built in 1989, is home to tenants including Publicis Groupe, Arent Fox and Liquid Thread. Global ad giant Publicis in February reportedly added 100,000 sq ft to its existing 480,000, extending its lease to 2031 in one of the year’s largest Manhattan office leasing deals.
The Rudin family’s New York City commercial real estate portfolio boasts nine additional Midtown office buildings and another six Downtown.
MetLife Real Estate Investors, the firm’s real estate investment platform, is one of the largest commercial real estate lenders. The business originated approximately $12.1bn globally in commercial real estate loans in 2014, topping 2013’s $11.5bn and setting a company record. Of the $12.1bn total, $8.6bn were US loans.