NEW YORK, Nov. 17, 2022 /PRNewswire/ -- Newmark announces that the firm has arranged a $150 million loan for financing 295 Fifth Avenue on behalf of Tribeca Investment Group, Meadow Partners and PGIM Real Estate. 295 Fifth Avenue is a soon-to-be-completed 19-story, 710,000-square-foot, fully renovated trophy office tower located in the heart of the burgeoning Midtown South submarket in Manhattan. The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of the Debt & Structured Finance team, along with Senior Managing Directors Christopher Kramer and Nick Scribani, Director Ben Kroll and Finance Analyst Holden Witkoff. Deutsche Pfandbriefbank provided the loan.
"Being able to secure financing for this type of product during this uncertain time speaks to the quality of the collective ownership of the property," said Stolly. Roeschlaub added, "Since the pandemic, we've seen office users flocking to quality assets to attract and retain their talent. The recent top-of-the-line modernization at 295 Fifth Avenue will make it a destination property for the city's office tenants."
Sponsorship is near completion of a comprehensive renovation effort which includes a new double-height lobby, conversion to full-floor open-floor plates and a penthouse addition featuring floor-to-ceiling windows looking out over Midtown South Manhattan in addition to a complete overhaul of properties windows, HVACs and elevators. The capital project also transformed the retail storefronts and added significant outdoor space, terraces, and a new amenity center to the property.
The property is uniquely positioned to capitalize on the post-Covid "flight to quality" seen across the city, especially given its location in the heart of Midtown South, one of New York's hottest office leasing submarkets. Highly amenitized, Class A buildings in this submarket—especially the Park Avenue South Square Park corridor, where the property is located—have attracted a cluster of firms led by a strong mix of Fortune 500 financial services companies, media and entertainment and tech firms. These firms benefit from the area's combination of live/work/play amenities and tremendous accessibility with Penn Station, Grand Central Station, the Port Authority Bus Station and the Path Train all within walking distance.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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SOURCE Newmark Group, Inc.