SL Green Realty Corp on Tuesday announced it has refinanced its headquarters building in New York for $145 million.
The city’s largest office landlord reached a deal for a new mortgage for the ‘Graybar Building’ with Teachers Insurance and Annuity Association of America at a 7.5 percent fixed rate, lower than the previous 8.44 percent rate, SL Green said in a released statement today.
SL Green chief executive Marc Holliday said the transaction resulted in a $45 million financing increase and about $23 million in net cash proceeds, noting that “even in the worst of credit markets, well-located, well-managed commercial office buildings owned by strong landlords like SL Green are attractive to institutional lenders.”
The loan matures in 2016 with two one-year extension options.
The 30-story Midtown Manhattan office tower built in the 1920’s sits atop the Grand Central Terminal transportation hub.