Transactions - AUGUST 30, 2019

Beacon Capital Group secures $309m to refinance 575 Fifth Ave. office condo

by Kali Persall

Beacon Capital Group has locked down $309 million to refinance the 50 percent stake it owns in a 50,000-square-foot office building in Midtown Manhattan, according to multiple media sources.

TPG Real Estate Finance provided the loan for unit A, Beacon Capital’s 370,000-square-foot office condo at the site, located at 575 Fifth Ave.

The loan consolidates and replaces existing unpaid debt originally provided by Deutsche Bank when Beacon purchased itsshare in the property from Metlife in 2015. The company borrowed $321 million
from the bank.

The 40-story class A building is leased to Barneys New York, as its corporate headquarters, as well as WeWork, global investment firm Balbec Capital and clothing brand Guess.

The property is located close to Grand Central Terminal, Rockefeller Center, Bryant Park, The Plaza Hotel, Saks Fifth Avenue, Del Frisco’s and Hatsuhana.

It is LEED-EB Gold Certified and has multiple beehives installed on the roof of most of its buildings, as part of a partnership with The Best Bees Co., a Boston-based full-service beekeeper and researcher, according to the building’s website.

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