NEW YORK--(BUSINESS WIRE)--HFF announced today that it has arranged a $372 million refinancing for 1285 Avenue of the Americas, a 1,650,000-square-foot, 42-story, trophy office tower in midtown Manhattan. The building is jointly owned by AXA Equitable Life Insurance Company and institutional investors advised by J.P. Morgan Asset Management.
HFF placed the 10-year fixed-rate loan with MetLife Real Estate Investments. The HFF team representing the borrower included senior managing directors Whitney Wilcox and Mike Tepedino.
The international modernist-style building is located in the western expansion of Rockefeller Center, in one of the most consistently stable and sought-after office locations in the United States. 1285 Avenue of the Americas has been owned and operated to the highest institutional standards since it was developed in 1960 as The Equitable Life Assurance Society of the United States headquarters. At that time, it assumed its integral role in the skyline of new trophy office towers on Sixth Avenue housing many of the most prestigious businesses in America. The largest office building in the State of New York to achieve LEED Silver certification, 1285 Avenue of the Americas is 99.9 percent leased and anchored by three major institutional tenants: UBS, law firm Paul Weiss, Rifkind, Wharton & Garrison LLP and BBDO, a worldwide advertising agency.
J.P. Morgan Asset Management1 – Global Real Assets has approximately $53.6 billion in assets under management and 380 professionals in the U.S., Europe and Asia, as of March 31, 2011. With a 40-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
AXA Equitable, a subsidiary of AXA Financial Inc., is a part of the global AXA Group, a worldwide leader in financial protection strategies and wealth management. AXA Group’s operations are geographically diverse, with major operations in Europe, North America and the Asia/Pacific region.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.
| 1. | J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. |