Deustche Loans CalPERS $780M For 787 Seventh Ave Acquisition
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Deutsche Bank has extended a $780M first mortgage to California pension fund CalPERS for its $1.9B acquisition of 787 Seventh Ave.
CalPERS bought the 54-story office tower from French life insurance firm AXA Financial on Jan. 27, according to public records reviewed by the Commercial Observer. AXA bought the building for $1.1B in June 2009.
Its tenants include law firm Sidley Austin, UBS and French bank BNP Paribas, as well as the 3,600 SF Pret A Manger that operates out of the ground floor.
AXA recently put both 787 Seventh Ave and the Equitable Building on the market, hoping to net roughly $4B for the properties. Douglas Harmon and Adam Spies of Eastdil Secured marketed the buildings. [CO]