Done Deals: Prudential Mortgage Capital provides $200 million of the $725 million total secured financing of New York’s iconic 601 Lexington Avenue

Thursday, September 1, 2011

Prudential Mortgage Capital provides $200 million of the $725 million total secured financing of New York’s iconic 601 Lexington Avenue

NEW YORK--(BUSINESS WIRE)--Prudential Mortgage Capital Company has completed $200 million in financing for Boston Properties’ 601 Lexington Avenue (top left photo), formally known as the Citigroup Center.

Prudential Mortgage Capital Company joined with MetLife, which provided $375 million, and New York Life, which provided $150 million, for a total loan of $725 million. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

The fixed-rate loan, with a 10-year, seven-month term, is secured by the distinctive 59-story, 1.6 million-square-foot, trophy Class-A office tower and retail property located on Lexington Avenue between 53rd and 54th Streets in the heart of midtown Manhattan.

Prudential’s New York-based team arranged its share of the financing, led by Melissa Farrell (middle right photo), managing director, Sarah Teunis, director and Sam Eisner, senior analyst.

“601 Lexington Avenue represented an exceptional opportunity for Prudential to invest in a top-tier building with a strong and consistent operating history in one the best office markets in the world.

“We are pleased to have closed this transaction with Boston Properties who has considerable experience and a successful track record in owning and managing office properties in desirable markets including Midtown Manhattan. We look forward to continuing our relationship with them,” Farrell said.

601 Lexington Avenue’s distinctive angled roof has become an iconic part of New York City’s famed skyline.

Occupying the full block that runs from 53rd to 54th Streets between Lexington and Third Avenues in the Plaza District of Midtown Manhattan (bottom left photo0, it includes more than 1.5 million square-feet of office space and over 100,000 square-feet of retail space.