DivcoWest Real Estate Investments has secured a $170 million loan from BNY Mellon and SunTrust bank to help finance its new 39-story Manhattan office tower acquisition.
Located at 540 Madison Ave., the building is located in Midtown Manhattan’s Plaza District, near subway lines and Grand Central Terminal.
DivcoWest paid $310 million for the boutique office building in June, marking the company’s second acquisition in New York City.
“DivcoWest continues to like New York’s fundamentals as an innovation hub,” said Ariel Aber, senior director-acquisitions in a statement. “We are pleased to add 540 Madison Ave. to our portfolio and believe its core and central location, surrounded by transportation and amenities and strong tenant roster, make it an attractive building.”
The sellers were a joint venture comprised of Boston Properties, Kuwait Investment Authority, and a Qatari sovereign wealth fund. Boston Properties’ held the majority ownership share of 60 percent.
The property was built in 1970 and underwent a complete renovation in 1999. According to Boston Properties, it contains 300,000 rentable square feet with panoramic views of both the Hudson River and Central Park.
DivcoWest said it is planning to house its New York office at the property.
