Sonnenblick arranges $425M Broadway mortgage

Real Estate Weekly, June 23, 2004

Sonnenblick-Goldman Company, serving as exclusive financial advisor to an affiliate of SL Green Realty Corp. and SITQ Inc., has arranged a LIBOR-based, floating-rate, first mortgage financing in the amount of $425,000,000 for 1515 Broadway in Manhattan.

The building is an approximately 1.8 million square foot office building located on the west side of Broadway, between West 44th Street and West 45th Streets, in the heart of Times Square.

The loan was provided by Lehman Brothers and Wachovia Bank.

1515 Broadway, a 56-story, Class-A office building, whose sharply-angled crown is a signature on the New York City skyline, is the world headquarters of Viacom, Inc., one of the world's leading media and entertainment companies. Viacom's holdings include franchise brands CBS, MTV Networks, Paramount Pictures, Showtime and Infinity Broadcasting.

Viacom leases over 1.3 million square feet at the property (approximately 89% of the office space). The retail and theatre space of approximately 166,000 square feet includes the Minskoff Theatre, Fleet Bank and MTV.

Sonnenblick-Goldman's financing team was led by Morton Holliday, managing director, and included Mark Ehlinger, director; Alex Hernandez, senior associate; and Peter Hopkins, analyst.

"1515 Broadway's ideal location, credit quality of its tenant roster and extremely strong sponsorship created great interest within the financial community," says Mr. Holliday.