Cushman & Wakefield announced today that it served as the exclusive advisor to an affiliate of the State Teachers Retirement System of Ohio (“STRS Ohio”) in arranging a $650 million senior mortgage loan secured by 590 Madison Avenue.
The fixed rate financing was provided by Goldman Sachs Mortgage Company, proceeds of which retired Goldman Sachs’s previous financing that Cushman & Wakefield arranged in January 2007.
Formerly known as the IBM Building, the 42-story trophy office building contains more than one million square feet of rentable area, including 39 floors of office space, retail on the ground floor, lower level and mezzanine level, and a 78-car private, tenant-only, reserved parking garage. 590 Madison is located at the absolute core of the Plaza District, one of the most prominent commercial, residential and retail corridors in the world, and leased to numerous prestigious corporations including IBM, Crowell & Moring, Aspen Insurance, Morgan Stanley Smith Barney, Bonhams and Tourneau.
A Cushman & Wakefield Equity, Debt and Structured Finance team of Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus represented an affiliate of STRS Ohio.
“This is one of the truly premier office buildings in Manhattan, located among the most prestigious commercial properties, hotels and retailers,” said Kohn, President of Cushman & Wakefield Equity, Debt & Structured Finance.
Alex Hernandez, a Cushman & Wakefield Managing Director added, “The lending community greatly appreciated the excellent credit quality of this offering. Both the property fundamentals and institutional sponsorship are unmatched.”