SL Green, Ivanhoé Cambridge Land $375M Loan From Bank Of China
SL Green and Canadian investment firm Ivanhoé Cambridge have closed on a $375M refinancing loan from Bank of China for 1745 Broadway.
The loan comes after Penguin Random House renewed its lease at the building last year. The publisher occupies the bulk of the building’s office space with 604k SF, The Real Deal reports.
SL Green and Ivanhoé own 685k SF of the building on floors one through 25, and prior to the publisher’s renewal, had mulled selling their joint stake, which was expected to sell for upward of $700M.
The building’s upper floors contain residential condos, which have all been sold.
SL Green has been an owner of the building since 2007, when it partnered with the Witkoff Group to buy a minority stake for $509M. SL Green later bought Witkoff’s stake. [TRD]