Boston Properties adds $384M for total of $1B in Midtown refi

Boston Properties through the entity Bp/Cgcenter II LLC as borrower signed a refi loan with lenders Wells Fargo, Morgan Stanley, Citibank, and Deutsche Bank valued at $1 billion for the office tower at 601 Lexington Avenue in Midtown, Manhattan.
The deal closed on December 10, 2021 and was recorded on December 29, 2021.
The four commercial condos that make up the property have 1,657,371 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $603 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Boston Properties was James J. Magaldi. The signatories for Wells Fargo, Morgan Stanley, Citibank, and Deutsche Bank were Jeffrey L. Cirillo, Cynthia Eckes, Jon Tilli, Stephen H. Choe, and Harry Kramer.

This refinancing included $383.9 million in new debt in the form of a gap loan.

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