Stroock represented real estate investment firm Rockwood Capital LLC in a $260 million loan for its office building at140 E. 45th St., also known as 2 Grand Central Tower, in the Midtown East section of Manhattan.
According to terms of the loan, $60 million is new capital and $200 million will be used to refinance existing debt at the property.
Rockwood, which purchased the 44-story tower in 2011 from Macklowe Properties, is a tenant in the building along with wealth management firm BBR Partners, healthcare investor Cortec Group, financial firm Banorte Securities and the General Services Administration. The building has 650,000 square feet of space and was built in 1981.
The Stroock real estate team that represented Rockwood Capital included Diana Brummer and Elizabeth Akerman. Stroock has advised Rockwood on other transactions, most recently as part of a joint venture with Midtown Equities in securing $245 million in financing from M&T Bank for a mixed-use project in the DUMBO section of Brooklyn.
Stroock’s 85-member national real estate group helps clients structure, negotiate and close some of the country’s largest commercial real estate transactions including: the development and recapitalization of 10 Hudson Yards in NYC; the redevelopment of the former Washington Post site in the heart of Washington, D.C.; the sale of 1285 Avenue of the Americas located in Rockefeller Center; the sale of the Southeast Financial Center, an iconic office building in downtown Miami; the recapitalization of the Century Plaza Towers, the most recognizable trophy office complex in the Century City area of Los Angeles; the disposition of Two Independence Square serving as the headquarters for NASA in Washington, D.C.; the 1.9 million-square-foot mega-project of Essex Crossing on the Lower East Side of NYC; the acquisition of the Department of Veterans Affairs Hospital in Loma Linda, CA; and the redevelopment of the World Trade Center site in Lower Manhattan.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C. For more, visit www.stroock.com