NEW YORK, June 2, 2016 /PRNewswire/ -- ING Capital LLC
("ING") has originated a $570 million
senior secured bridge loan for Olayan America, the US investment
arm of The Olayan Group, to purchase 550 Madison Avenue in
Manhattan.
The short-term loan is secured by a first mortgage on the
property, an iconic skyscraper known most recently as the Sony
Building.
"ING committed the bridge facility very quickly at attractive
terms so that this deal could conclude within a very tight time
frame," said Nadim Tabbara, Chief
Financial Officer of The Olayan Group.
The 37-story building in the Plaza District of Manhattan has 852,830 square feet of rentable
mixed-use space. The building features approximately 776,000 square
feet of office space, prime retail frontage on Madison Avenue, and
exhibition and museum space.
The property is currently occupied by one restaurant tenant
holding 5,000 square feet. It is effectively 100 percent vacant,
providing Olayan and asset manager Chelsfield an opportunity to
rebrand the building and create value by renovating and
reconfiguring the existing space.
"The Sony Building is a New York
City landmark," said Craig
Bender, Managing Director with ING. "We are especially proud
to have worked on this deal for one of our longstanding global
clients. Our long-term real estate investment outlook is
strong, and we look forward to seeing how Olayan and Chelsfield
reposition this property in the future."
Construction of the building was completed in 1984 as the global
headquarters of AT&T. It has been sold on just two
previous occasions – to Sony Corporation in 2002 and in 2013 to the
Chetrit Group, the immediate past owner.
"The property has been maintained to a high standard and has
never previously been available to the open market for office
leasing," said Tony Fusco, head of
Real Estate at Olayan America.
Press enquiries
Elaine
Clark
+1646-424-7021
Elaine.Clark@ing.com
About ING CAPITAL LLC
ING Capital LLC is a financial
services firm offering a full array of wholesale financial lending
products and advisory services to its corporate and institutional
clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank
NV, and a part of ING Group (NYSE: ING), a global financial
institution of Dutch origin. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business.
About The Olayan Group
Founded in 1947, The Olayan
Group is a private, multinational enterprise that is a major
international investor as well as a diversified commercial and
industrial business in the Middle
East. With offices in the US, Europe, and Suadi Arabia, the Group's global
investment team focuses on public and private equities, real
estate, fixed income securities, and other specialized assets.
About Chelsfield
Chelsfied, in various forms, has been
investing in and developing real estate for more than 30 years. As
a leading real estate company and asset manager focused on
investment and development in central London, Paris, and key global gateway cities,
including New York, Chelsfield's
track record is demonstrable with £6.2 billion of transactions
undertaken since 2005.
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SOURCE ING Capital LLC