Newmark, a global real estate services company, has successfully arranged $175 million in capitalization to facilitate a major renovation of 45 East 53rd Street in Midtown, Manhattan. Located in the Plaza District, the building once operated as the New York headquarters for Santander Bank, but sold in April to ZG Capital and Rialto Capital Management.
ACRES Capital provided the loan to finance the joint venture’s acquisition of the property and fund the renovation plan.
The boutique office property comprises roughly 129,000 square feet and was completed in 1991. Designed by RBSD Architects, the building’s iconic façade features ornamental steel elements, tan masonry, and reflective, blue-tinted windows.
While details regarding the renovation are sparse, the new owners intend to reposition the building as a premiere, Class A office space for the modern workplace. The building will receive a new lobby, unspecified common amenities, activated outdoor spaces, a new elevator system, and connectivity upgrades.
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Let’s see..
Too bad they likely won’t wipe clean the horrendous pomo exterior.
Iconic? LOL
To do what, make it another featureless glass box? What is it with people wanting nothing but homogenization?