Vornado Realty Trust announced that the partnership that owns 1290 Avenue of the Americas in New York City, in which it holds a 70 percent controlling interest, completed a $950 million refinancing of the property.

The interest only loan features an interest rate of 3.344 percent and a 10-year term. The deal resulted in net proceeds of approximately $522 million, after repayment of the existing loan and closing costs.

1290 Avenue of the Americas is a 2.1-million-sq.-ft. office building.