Blackstone lends $725m for Midtown Manhattan office building

Blackstone has agreed to lend approximately $725 million on a Midtown Manhattan office building that was redeveloped and expanded, reported Commercial Mortgage Alert.

The 700,000-square-foot property, at 441 Ninth Ave., is owned by a partnership between Cove Property and Baupost Group.

Blackstone’s floating-rate loan, arranged by Eastdil Secured, has a five-year term.

The property was built in 1953 as a warehouse and converted into offices in the 1980s. The Cove partnership conducted a major renovation that added an 18-story tower on top of the original building.

New York City–based Cove and Baupost, a Boston-based investment manager, purchased the property in December 2016 for $330 million.