The Georgetown Company has announced a new $410 million financing package for their recently completed office building at 787 Eleventh Avenue. According to the company, the investment from Societe Generale (SocGen) replaces a $350 million construction loan from the Blackstone Group, Goldman Sachs, and ICBC.
In February, we reported that an automobile dealership building in Hell’s Kitchen was going to grow vertically, to add office space. Now, we can show you architect Rafael Viñoly’s design for 787 Eleventh Avenue.
Last July, Georgetown Company and Bill Ackman closed on the eight-story, 464,000 square-foot commercial building at 787 Eleventh Avenue, between West 54th and 55th streets in Hell’s Kitchen, for roughly $250 million. Now the property’s new owners have filed applications to expand the building by two stories or an additional 19,784 square feet. The roof will be raised by 60 feet (to 160 feet) and the latest filings indicate there will be 400,144 square feet of designated commercial space. The ground floor will contain retail space and automobile dealerships, floors two through five will contain automobile shops and services, and floors six through 10 will be office space. Per Curbed, Ackman’s Pershing Square Capital Management will be occupying the office space. Rafael Viñoly Architects is designing the project.