Tribeca Investment Group, Meadow Partners and PGIM Real Estate have secured US$150 million in mortgage lending to complete a commercial modernization project at 295 Fifth Avenue in Midtown, Manhattan. Construction of a penthouse addition was recently completed, bringing the structure to 19 stories and 710,000 square feet.
Deutsche Pfandbriefbank provided the loan, which was arranged by Newmark.
“Since the pandemic, we’ve seen office users flock to high-quality assets to attract and retain their talent,” said Newmark’s Jordan Roeschlaub, vice chairman and co-head of the firm’s debt and structured finance team. “The recent top-of-the-line modernization at 295 Fifth Avenue will make it a destination for the city’s office tenants.”
Originally built by George Backer in 1920, 295 Fifth Avenue was known as the Textile Building and was home to some of the country’s leading home textile companies. Since then, the building owner has invested approximately $350 million to reposition the century-old property as a Class A office property.
Construction began in 2021 and included upgrades to existing windows, HVAC and ventilation systems, elevators, and general infrastructure. The lobby was redesigned by Studio MAI and now features a more open design with planters, vaulted ceilings, hardwood floors, and seating.
The crown jewel of the building is a new 34,000 square foot penthouse above the existing 16th floor. The penthouse will feature premier office suites, multiple wraparound terraces, arched canopies and sweeping views of the Midtown skyline.
CBRE is the exclusive commercial marketing agent for the building, which will be ready for occupancy in early 2023.
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