NYL's $507M Financing for 11 Times Square

New York Life Real Estate Investors, a division of NYL Investors under New York Life, provided a $507 million loan against 11 Times Square, a 1.1 million-square-foot office property in midtown Manhattan this week. Building owners Prudential Real Estate Investors, Norges Bank Investment Management and SJP Properties secured the financing through Eastdil Secured; terms of the ten-year loan were not disclosed. According to GlobeSt.com, SJP Properties, the operating partner, will continue to manage and lease the property and will maintain its New York City headquarters in the building.

"New York Life Insurance Company and our co-lender, Northwestern Mutual and New York State Teachers' Retirement System, are very pleased to provide financing for this outstanding asset," said Eric Becher, senior director at New York Life. "The property has an impeccable tenant roster and is conveniently located near numerous subway lines, Port Authority, Grand Central and Penn Station."

The latest loan was provided as part of the 40-story property's recapitalization, in which Norges Bank Investment Management bought a 45% stake for $401.9 million from a partnership of Prudential Real Estate Investors and SJP Properties, according to a Commercial RealEstate Direct report. The loan refinances one of equal size that MetLife and New York Life had provided in 2013.

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Panasonic Moving to New $190M Newark HQ

Panasonic Corporation of North America announced that it has entered into a lease agreement in Newark, NJ that will serve as headquarters to some 1,000 employees and contractors beginning in 2013. Steven Pozycki's SJP Properties will develop a new, state-of-the-art, sustainable high-rise office building worth $190 million under a joint venture with Matrix Development Group. SJP is scheduled to break ground on the 12-story tower no later than this fall and is scheduled to complete the 325,000 square foot building by 2013.

"This is a very exciting time in the life of Panasonic," said Joseph M. Taylor, Chairman and CEO of Panasonic Corporation of North America. "This is the culmination of a very exhaustive process for us in which we examined all of the options available to us that would meet our needs and goals for our future as a green business technology leader. We are most grateful to the State of New Jersey and City of Newark for their support and efforts to make it possible for Panasonic and its employees to remain right here in New Jersey."

"Today is a historic, game-changing moment for the city of Newark," said Mayor Cory Booker, speaking at a press conference at One Riverfront Center, which will be adjacent to the new property. Bringing Panasonic to Newark "is the single greatest economic development accomplishment of my administration."

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