NEW YORK— JLL Capital Markets secured a $545 million loan to finance 711 Fifth Avenue in New York on behalf of the development group led by SHVO, including Deutsche Finance America and BLG Capital. Goldman Sachs led the financing.
Bethlehem Engineering Corp. designed the 18-story building that was constructed in 1927 as the original headquarters of NBC. The historic building features 340,024 square feet of space, with 284,061 square feet of office space and 55,963 square feet of retail.
The property is located just steps away from Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaire’s Row. The prime corner location offers more than 124 feet frontage along the Upper Fifth Avenue Corridor, the second most expensive retail corridor in the world, and 154 feet of frontage along East 55th Street.
SHVO, Deutsche Finance America and BLG plan to increase the tenant experience at 711 Fifth Avenue through several value-add strategies. The owners are planning on building upgrades that include lobby renovations, mechanical repairs, and expansion of terraces and outdoor space.
The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York; the Raleigh, Richmond and South Seas hotels on Miami Beach and 9200 Wilshire Boulevard in Beverly Hills, Calif.
SHVO and its partners were represented by a JLL team led by Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor. Morris Missry of law firm Wachtel Missry LLP served as legal advisor for this investment, as well as for the seven other acquisitions by SHVO and its partners.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.