MetLife Inc. has announced that its real estate investments department has provided a $350 million, five-year, fixed-rate mortgage for the office condominium unit at the Bertelsmann Building, located in New York City's Times Square.
The Bertelsmann Building (pictured left), a 44-story, 907,000 square foot, Class A office building, is leased to prominent corporate tenants including Viacom, Pillsbury Winthrop Shaw Pittman LLP, Yahoo! and Duane Morris LLP. The borrower is a joint venture between affiliates of Edge Fund Advisors and HSBC Alternative Investments.
In addition, MetLife was the lead lender on another Class A property in New York City: Boston Properties' 59-story, 1.6 million square-foot office tower and retail property located at 601 Lexington Ave. MetLife provided $375 million of the total $725 million loan, joining with Prudential Mortgage Capital Co. and New York Life in the transaction.
(Photo courtesy of Roger Rowlett)