Alexander’s Refis $400M Loan for 731 Lexington Office Condo

Alexander’s, Inc. has completed a $400-million refinancing of the office condominium portion of 731 Lexington Ave., the Class A Bloomberg LP headquarters building in Midtown Manhattan. The loan replaces the prior $490-million loan on the office condo, which bore interest at the prime rate (currently 8.00%) and was scheduled to mature this month.

The interest-only loan carries a fixed rate of 5.045% and matures in October 2028. The loan is prepayable, at Alexander’s option, with no penalty, beginning in October 2026.

The refi follows Bloomberg LP’s 11-year extension of its 946,815-square-foot headquarters lease, comprising the entirety of the office space at 731 Lexington, this past May. It also follows a trip to special servicing for the prior loan, which originally was due to mature in June.

Vornado Realty Trust, which owns a 32.5% share of Alexander’s, developed 731 Lexington in 2005 on the site of a former Alexander’s department store.