New York Life Insurance Company is backing Cornerstone Real Estate Advisers’ $270m acquisition of downtown Manhattan’s 100 Wall Street.
The seven-year, $137.5m loan behind the 520,000 sq ft, 29-story office building carries a loan-to-value just under 51%.
The price per sq ft on the acquisition — nearly $528 — is said to be the priciest ever for a downtown building located east of Broadway, the main thoroughfare that cuts through the middle of lower Manhattan.
Savanna, the seller of the property, pumped more than $26m in improvements into the glassy tower since scooping it from now defunct Lehman Brothers in May of 2011 for $130m, following a lengthy foreclosure process.
Savanna also recently signed five new leases as part of the building’s repositioning, bringing occupancy to 97 percent. The latest tenants include InterExchange, Loeb Holding Corporation, GANT, Crenshaw Associates and PCubed.
After stepping into the business as a commercial real estate manager in 1994, Cornerstone, an affiliate of Massachusetts Mutual Life Insurance Company, has amassed more than $47bn in assets under management over the course of two decades. The firm has been on something of a lending spree as of late.