New York Life Insurance Company Leads Lender Group to Originate $507 Million Mortgage Loan Secured by Eleven Times Square in Midtown Manhattan
New York, August 24, 2015—New York Life Real Estate Investors announced today the financing of Eleven Times Square, a state-of-the-art 1.1 million square foot, LEED Gold certified, Class A trophy office building located in midtown Manhattan. Situated immediately north of The New York Times building, Eleven Times Square is owned by a partnership comprised of affiliates of Prudential Real Estate Investors, Norges Bank Investment Management and SJP Properties. The $507 million loan has a term of 10 years. SJP Properties, as the operating partner, will continue to manage and lease the building and will maintain its New York City headquarters in the building.
“New York Life Insurance Company and our co-lenders, Northwestern Mutual and New York State Teachers’ Retirement System, are very pleased to provide financing for this outstanding asset. Eleven Times Square is one of Manhattan’s newest office towers, featuring the highest quality construction and finishes. The property has an impeccable tenant roster and is conveniently located near numerous subway lines, Port Authority, Grand Central and Penn Station,” said Eric Becher, Senior Director at New York Life Real Estate Investors. “The loan represents a continuation of our long term relationship with these teams of premier real estate owners and co-lenders.”
Eastdil Secured arranged the financing on behalf of the borrower.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $42 billion in assets under management as of June 30, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company