BentallGreenOak borrows $150M from Heitman Capital for leasehold on 685 Third Avenue

BentallGreenOak through the entity Go 685 Third Avenue Owner LLC as borrower signed a loan agreement with lender Heitman Capital Management valued at $150 million for the leasehold on 685 3rd Avenue in Grand Central. The deal closed on December 20, 2019 and was recorded on January 7, 2020.
The property contains a total of 559,755 square feet of built space.

BentallGreenOak acquired the ground lease from Unizo.

Heitman has been an active lender recently, lening $60 million to Fairstead and Meadow Partners at the Chocolate Factory rentals in Fort Greene, and $67 million to Slate Property Group in the East Village.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 7, 2013.
Over the past five years, there have been 75 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 75 renovation/alteration projects (A2) applied for with a total estimated value of $35,273,033.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link