SL Green Realty Corp. has closed on a $900 million first mortgage refinancing of 1515 Broadway, a 2 million square-foot office tower in Manhattan's Time Square. Viacom is the key lease holder, with 1.6 million square feet through 2031.
The new 12-year, 3.93% fixed-rate mortgage financing replaces the former $775 million mortgage loan. Skadden, Arps, Slate, Meagher & Flom LLP acted on behalf of SL Green, and Sidley Austin LLP represented the lender group.
‘The long-term renewal of the Viacom lease, coupled with our redevelopment of the building's lobby, common areas, retail space, and the introduction of LED signage, has created significant value,’ says Andrew Mathias, president of SL Green.
