589 11th Avenue
US - New York, NY
NZ$15,861,000 | 1,463 m²
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the lender to arrange the sale of an $82.5 million non-performing loan (the “Loan”) secured by a first-lien mortgage on the borrower’s fee simple interest in a 621,629-SF office building located in downtown Minneapolis, MN (the “Property”). The interest-only Loan was originated in September 2013 for an initial nine-year term and featured a fixed interest rate of 3.81%. The Loan is currently non-performing having reached maturity and defaulting in October 2022.
The Property is a 30-story, LEED Gold certified office building in the heart of downtown Minneapolis which offers approximately 60,000 SF of retail space on floors 1-2. The Property contains onsite amenities including a fitness center, bike hub, tenant conference center and lounge, and underground parking for 343 vehicles (1.81 per 1,000 SF). Originally built in 1991, the Property is currently 68.9% occupied by a total of 38 tenants and offers a 4.5-year WALT. The top three tenants, which include a nationally recognized law firm and two S&P-rated firms, account for 31% of the building and all have lease maturities after 2026. The offering presents investors with an opportunity to acquire a non-performing loan secured by a well-located office building with upside at an attractive basis.
Indicative Bid Date Tuesday, December 6th
Best & Final Bid Date Thursday, December 15th
Closing The week of December 19th