3<\/p>\n
NEW YORK CITY \u2014 PGIM, the global asset management business of Prudential Financial Inc. (NYSE: PRU), has provided a $222 million loan on behalf of Rudin Management Co. for the refinancing of two office buildings in Midtown Manhattan.<\/p>\n
The refinancing, funded through PGIM\u2019s core lending strategy, includes a $140 million loan for 41 Madison Avenue and an $82 million loan for 641 Lexington Avenue. The fixed-rate, long-term loans were issued to replace and expand on previous debt held on the properties, which total more than 1 million square feet.<\/p>\n
\u201cThese financings reflect continued lender confidence in high-quality office assets located in premier urban markets,\u201d\u00a0says Justin Levitt, managing director at PGIM. \u201cThe properties are exceptionally well-located with strong tenancy, long-term ownership and enduring relevance within the Midtown Manhattan office market.\u201d<\/p>\n
Situated in the Flatiron District, 41 Madison Avenue spans 42 stories and totals 524,900 square feet. Completed in 1974, the tower is also known as the New York Merchandise Mart, which serves as a global hub for the tableware, housewares and gift industries. Mark\u2019s Off Madison, an Italian restaurant and bakery, is also located at the property.<\/p>\n
641 Lexington Avenue, a 32-story, 426,700-square-foot office tower located in the Midtown East Plaza District near Rockefeller Center, was built by the Rudin family in 1964. The building features a mix of tenants including professional corporate tenants like financial firms, legal practices, medical organizations and flexible workspace providers.<\/p>\n
Headquartered in Newark, N.J., PGIM manages more than $1.4 trillion in assets, and operates 41 offices across 20 countries.<\/p>\n
Founded in 1925 by Samuel Rudin, Rudin Management Co. owns and operates a Manhattan portfolio of residential luxury buildings and commercial office towers totaling approximately 13 million square feet. Notable properties include 41 Madison Avenue, 641 Lexington Avenue, 3 Times Square (the Thomson Reuters Building) and 345 Park Avenue.<\/p>\n
\u2014\u00a0Abby Cox<\/p>\n","protected":false},"excerpt":{"rendered":"3 NEW YORK CITY \u2014 PGIM, the global asset management business of Prudential Financial Inc. (NYSE: PRU), has…\n","protected":false},"author":2,"featured_media":279014,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":["post-279013","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/279013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=279013"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/279013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/279014"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=279013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=279013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=279013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}