Munich, October 14th, 2020 – pbb Deutsche Pfandbriefbank has arranged a $250 million loan to affiliates of the Wilhelm von Finck family and Paramount Group, Inc. (NYSE: PGRE), for the re-finance of 745 Fifth Avenue in New York.
745 Fifth Avenue offers 536,425 square feet of Class A office and retail space which is leased by a diverse group of tenants including Bergdorf Goodman in the retail space and boutique investment shops, legal, real estate, consulting, and marketing firms in the office space.
The iconic property was designed by architects Buchman and Kahn and completed in 1930. The 35-story art deco style building is conveniently located on the corner of Fifth Avenue and 58th Street, directly across from the Plaza Hotel and Central Park.
Charles Balch, Head of Real Estate Finance International Clients, UK, CEE & USA at pbb commented: “We are pleased to provide the re-financing for such an outstanding, well-known building in New York and to further strengthen our US-business even in such uncertain times.“
Media Contacts
Walter Allwicher, +49 89 2880-28787, walter.allwicher@pfandbriefbank.com
Nina Lux, +49 89 2880-11496, nina.lux@pfandbriefbank.com
Note to editors
pbb Deutsche Pfandbriefbank (www.pfandbriefbank.com) is a specialist lender for commercial real estate finance and public investment finance in Europe and the United States of America. pbb is a major issuer of Pfandbriefe, which makes it also an important player in the European covered bond markets over-all. pbb is listed on the Frankfurt Stock Exchange.