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News Apr 27, 2014

Shearman & Sterling Advises SL Green Realty, Jeff Sutton Joint Venture in NYC Building Refinancing, Lease Amendment

Shearman & Sterling has represented a joint venture between SL Green Realty Corp. and Jeff Sutton (Wharton Properties) in connection with its $275 million refinancing of 724 Fifth Avenue in New York City, a mixed use building with prime retail space. The $235 million senior mortgage loan was provided by an investment banking firm and the $40 million mezzanine loan was provided by a German bank.

The deal comes on the heels of the firm’s representation of the joint venture in a lease amendment with Prada to extend the term of Prada’s retail lease for 15 years with gross rents in excess of $400 million during the initial extended term (subject to further renewal terms).

The Shearman & Sterling team included counsel Peter Strauss and associates Jocelyn Bush and Elizabeth Fluke (all New York-Real Estate), with assistance from counsel Jeffrey Salinger (New York-Real Estate/Environmental).

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