NEW YORK – Sept. 7, 2016 – Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to L.H. Charney Associates Inc. in arranging $185,000,000 of senior mortgage financing for 10 Times Square, also known as 1441 Broadway, (the property) located in New York, New York. The fixed rate financing was provided by an affiliate of Metropolitan Life Insurance Company (MetLife).
10 Times Square is a 36-story office/showroom and retail building located on the southwest corner of the intersection of West 41st Street and Broadway in Midtown Manhattan’s Times Square South submarket. Situated in the heart of Times Square and at the center of the city’s three major transportation hubs, the Property enjoys one of the most convenient locations in Manhattan.
The property contains more than 540,000 square feet of rentable area, including 31 floors of fully-leased office/showroom space and 55,000 square feet of new, prime Times Square retail space on the ground floor, concourse and second/mezzanine levels. With frontage along Broadway, West 41st Street and Seventh Avenue, the newly designed retail space and lobby will be delivered in 2017.
“This property offers attractive, stable cash flow from the in-place office tenants and significant upside potential from the flagship-style Times Square retail space being repositioned,” said Steve Kohn, President of Cushman & Wakefield Equity, Debt & Structured Finance.
Senior Managing Director Alex Hernandez added, “This low leverage refinancing for a well-capitalized owner with a clearly identified value enhancement strategy attracted significant demand from the core lending community.”
The Cushman & Wakefield Equity, Debt and Structured Finance team included Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus.
In June 2016, the Cushman & Wakefield Equity, Debt & Structured Finance team also arranged a $130 million refinancing from MetLife for 1410 Broadway, a 380,000 square foot office building, on behalf of L.H. Charney Associates Inc.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.