Tribeca Investment Group, Meadow Partners, and PGIM Real Estate have secured $150 million in construction financing to complete a commercial modernization project at 295 Fifth Avenue in Midtown, Manhattan. Construction recently completed on a penthouse addition, bringing the structure to 19 stories and 710,000 square feet.
Deutsche Pfandbriefbank provided the loan, which was arranged by Newmark.
“Since the pandemic, we’ve seen office users flocking to quality assets to attract and retain their talent,” said Newmark’s Jordan Roeschlaub, vice chairman and co-head of the firm’s Debt and Structured Finance Team. “The recent top-of-the-line modernization at 295 Fifth Avenue will make it a destination property for the city’s office tenants.”
Originally built in 1920 by George Backer, 295 Fifth Avenue was known as Textile Building and housed some of the nation’s leading home textile companies. Since then, building ownership has invested around $350 million to reposition the century-old property as a Class-A office property.
Construction kicked off in 2021 and included upgrades to existing windows, HVAC and ventilation systems, elevators, and general infrastructure. The lobby was redesigned by Studio MAI and now features a more open design with planters, arched ceilings, hardwood flooring, and seating.
The crown-jewel of the building is a new 34,000-square-foot penthouse addition above the existing 16th floor. The penthouse will feature premier office suites, multiple wraparound terraces, arched canopies, and impressive views of the Midtown skyline.
CBRE is the exclusive commercial marketing agent for the building, which will open for occupancy in early 2023.