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News May 05, 2015

Shearman & Sterling Advises Subsidiaries of Shorenstein Properties in Acquisition and Financing of New York’s 1407 Broadway

Shearman & Sterling advised subsidiaries of Shorenstein Properties LLC in the acquisition and financing of the ground lease tenant interest and the operating lease landlord and tenant interests for 1407 Broadway, a 1.1 million-square-foot office tower in midtown Manhattan.

Financing was a combination of an equity investment from subsidiaries of Shorenstein Realty Investors Eleven, L.P. (the eleventh Shorenstein fund) and a $268 million acquisition and project loan with Bank of America, N.A. as Administrative Agent.

Headquartered in San Francisco, Shorenstein, through its various funds, also owns a 21-story office building at 850 Third Avenue and holds a significant stake in a 330,000-square-foot office building at 477 Madison Avenue, as well as other holdings across the country.

The Shearman & Sterling team included associate Elizabeth Vinci (New York-Real Estate), counsel Paul Balaam (London-Real Estate), and partners John Opar and Malcolm Montgomery (New York-Real Estate).

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