Goldman Sachs Loans $545M To BLG Capital For Office At 711 5th Ave, New York

Located at 711 5th Ave, New York, NY, 10022, the property in question is a 340,024-square-foot office building, featuring 284,061 square feet of office space and 55,963 square feet of retail space. This iconic 18-story building, originally constructed in 1927, has a rich history as the corporate and regional headquarters for notable companies like NBC, Columbia Pictures, and Coca-Cola. Situated near Central Park and the renowned Billionaires’ Row on 57th Street, the building's prime location adds to its allure.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $545,000,000.00
• Borrower: BLG Capital
• Lender: Goldman Sachs
• Borrower's Representative: Kristen Knapp (JLL), Sophie (Gaylor) Richards (Tishman Speyer)

The $545 million loan for the refinancing of 711 Fifth Avenue was arranged by JLL, with Goldman Sachs as the senior lender. The borrower, BLG Capital, partnered with SVHO and Deutsche Finance America in September 2019 to acquire the property. A portion of the loan will be allocated towards capital improvements, enhancing various areas including the lobby, mechanical systems, and outdoor common spaces. Noteworthy acquisitions by the SHVO-led development team, which includes 711 Fifth Avenue, highlight an active period in the New York City real estate market.