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Skadden Arps Commits to New Building

A few months ago Trepp, LLC in on of their updates noted that Manhattan’s Four Times Square loan was at risk of losing its second largest tenant. (The property had already lost Conde Nast to One World Trade Center.)

On Friday, The Real Deal confirmed that law firm Skadden, Arps, Slate, Meagher & Flom has committed to relocate to Brookfield’s new office project called Manhattan West in 2020. The firm currently occupies about 49% of the space at Four Times Square, also known as the Conde Nast Building.

The 1.7 million square-foot office building located in the heart of Times Square backs $589.4 million in CMBS debt. A $23.3 million slice of the debt backs 0.9% of LBUBS 2007-C1, while the other $566 million serves as collateral for the single asset deal FTST 2006-4TS. The small piece in LBUBS is due to mature in late 2016, so the Skadden Arps move will probably not affect the pay down. The rest of the debt in the single asset deal, however, is due to mature at the end of 2020. A 2006 appraisal valued the building at $1.65 billion.

 

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