Deutsche Pfänderbreif Bank provided the loan arranged by Neumark.
“Since the pandemic, we’ve seen office users flock to high-quality assets to attract and retain talent,” said Jordan Roschlaub, vice chairman and co-head of the firm’s debt and structured finance team. “The recent upgrade of 295 Fifth Avenue will make it a destination for the city’s office tenants.”
Originally built in 1920 by George Packer, 295 Fifth Avenue was known as a textile building and housed some of the leading home textile companies in the country. Since then, the Buildings Ownership has invested approximately $350 million to reposition the century-old property as a Grade A office property.
Construction began in 2021 and included upgrades to existing windows, HVAC and ventilation systems, elevators and general infrastructure. The lobby has been redesigned by Studio MAI and now features a more open design with plants, arched ceilings, hardwood floors and seating.
The building’s crown jewel is a new 34,000-square-foot penthouse atop the existing 16th floor. The penthouse will feature prime office suites, multiple wraparound terraces, arched awnings, and incredible downtown skyline views.
CBRE is the exclusive commercial marketing agent for the building, which will open for occupancy in early 2023.
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