Debt

6 Months Ended

Jun. 30, 2014

Debt [Abstract]

Debt

10. Debt

On January 31, 2014, we completed a $600,000,000 loan secured by our 220 Central Park South development site. The loan bears interest at LIBOR plus 2.75% (2.90% at June 30, 2014) and matures in January 2016, with three one-year extension options.

On April 16,2014, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.3 million square foot Manhattan office building. The seven-year interest only loan bears interest at 3.91% and matures in May 2021. We realized net proceeds of approximately $145,000,000 after defeasing the existing 5.64%, $193,000,000 mortgage, defeasance cost and other closing costs.

On June 16, 2014, we completed a green bond public offering of $450,000,0002.50% senior unsecured notes due June 30, 2019.The notes were sold at 99.619% of their face amount to yield 2.581%.

The following is a summary of our debt:

		Interest Rate at		Balance at
(Amounts in thousands)		June 30, 2014		June 30, 2014		December 31, 2013
Mortgages Payable:
	Fixed rate		4.48%	$	7,623,049	$	7,563,133
	Variable rate		2.31%		1,365,794		768,860
			4.15%	$	8,988,843	$	8,331,993
Unsecured Debt:
	Senior unsecured notes		4.88%	$	1,791,814	$	1,350,855
	Revolving credit facility debt		1.30%		88,138		295,870
			4.71%	$	1,879,952	$	1,646,725