Empire State Realty Trust borrows $180M in new debt from Morgan Stanley for office property in Midtown West

Empire State Realty Trust through the entity ESRT 250 West 57Th St., L.L.C. as borrower signed a loan agreement with lender Morgan Stanley Bank valued at $180 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 250 West 57th Street in Midtown West. The deal closed on November 18, 2020 and was recorded on November 20, 2020.
The property contains a total of 435,677 square feet of built space.
The average loan per buildable square foot is $413.
This is the first debt secured by the building since 2015. The signatory for the loan was Thomas Keltner, ESRT general counsel.
Over the past five years, there were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $814,601.
Direct link to Acris document. link