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Meadow Partners buys 10 E. 53rd St. in a $312M office deal
Newmark arranged $155 million in acquisition financing for the 385,224-square-foot Class A tower in Manhattan’s Plaza District.
Newmark advised on the sale of 10 E. 53rd St., a 385,224-square-foot Class A office tower in Manhattan’s Plaza District, and arranged acquisition financing for the buyer, according to ConnectCRE.
Meadow Partners acquired the property from SL Green Realty Corp. for $312 million. The acquisition loan was provided by Corebridge Financial, ConnectCRE reported.
The financing effort was led on the lender side by Newmark’s debt and structured finance team, while Newmark’s capital markets group advised the seller, including a list of executives and directors named by ConnectCRE.
ConnectCRE said the transaction ends a hold period that lasted nearly 15 years, noting SL Green acquired the building in early 2012 for $252.5 million and invested $67 million in capital improvements during its ownership. The tenant roster includes Equinox, Magnetar, Urban Compass, and Ermenegildo Zegna.