New York Life Investment Management reportedly led a group of lenders to provide $507m in first mortgage financing for the refinancing of the 40-story 11 Times Square building, a 1.1m sq ft office and retail tower in Midtown Manhattan.
New York Life, Northwestern Mutual Life Insurance Company and New York State Teachers’ Retirement System (NYSTRS) provided the 10-year loan to Norwegian sovereign wealth fund Norges Bank Investment Management (NBIM), SJP Properties and Prudential Real Estate Investors.
The financing takes out a previous loan of the same size from New York Life and Metropolitan Life Insurance in July 2013. Eastdil Secured arranged the new financing.
NBIM in February acquired a 45 percent stake in the building, located at 640 Eighth Avenue between West 41 and West 42 Streets, for about $402m from SJP Properties and Prudential Real Estate Investors.
The building has an 85 percent occupancy and hosts tenants including law firm Proskauer Rose, with 400,000 sq ft of office space, Microsoft, with 200,000 sq ft, and Moore Capital Management, which occupies about 80,000 sq ft. SJP Properties, the developer of the property, is also headquartered in the building.
NBIM, which holds about $865bn in assets under management, has a target of investing about five percent of its assets into real estate.
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