Commercial Real Estate Direct Staff Report
DekaBank Deutsche Girozentrale has provided $168.5 million of financing against the 325,000-square-foot Milk Studios Building in Manhattan.
The loan was used by the building's owner, Jamestown Properties, to replace $150 million of bridge financing that had been provided by a venture of Rockpoint Group and Stellar Management.
The venture earlier this year sold the building, at 450 West 15 St. in the Meatpacking District, to Jamestown for $295.5 million, or $909.25/sf. The purchase of the building and the debt were arranged by Eastdil Secured. The Rockpoint/Stellar team had purchased it from an Angelo, Gordon & Co. venture in 2008 for $161 million.
The building, between Ninth and 10th Avenues, was constructed in 1936 and was part of the Nabisco cookie complex. Since then, it has served as a storage building before it was converted into office space. The fully-occupied property is named after tenant, arts and media company Milk Studios.
Other tenants include Giorgio Armani, which has 60,000 sf, and inVentiv Health, which has 75,000 sf.
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