The Durst Organization has arranged a $1.3 billion loan backed by commercial mortgage-backed securities for its One Five One office tower in Times Square.

Financing for the 48-story, 1.8-million-square-foot building in Manhattan will be provided by Wells Fargo, JPMorgan Chase and Bank of America. The loan has a 6.1% interest rate and is expected to close later this month, according to S&P Global documents. Most of the funds will pay off about $1.1 billion in existing debt. Another $40 million will go toward reserves and closing costs. Additional proceeds will cover tenant improvements, leasing costs and a $146 million equity payment to the owner. The package includes a $719 million senior note with a preliminary AAA rating from S&P.

One Five One, formerly known as 4 Times Square, is 92% leased. TikTok is the largest tenant, occupying 232,000 square feet through 2031. Because of potential U.S. restrictions on the app, $50 million from the loan will be held in reserve in case its lease is disrupted. Other tenants include Nasdaq, Venable and BMO Capital Markets. At street level, H&M operates its U.S. flagship store. The property was valued at $2.3 billion for the purposes of the financing.

One Five One, 151 West 42nd Street, Manhattan, NY

Manhattan Q2 Office Market Snapshot

As of June, Manhattan’s office vacancy rate was 15.2% — down from 16.5% a year earlier — according to Yardi research data. Average asking rents were $67.97 per square foot. New construction totaled 1.56 million square feet.

Office sales in the first half of 2025 reached $2.76 billion, averaging $437 per square foot. Major transactions included the $1.4 billion sale of 200 Park Ave. and the sale of a 49% stake in 375 Park Ave. for about $1 billion.

The Durst financing is one of several billion-dollar Manhattan office loans completed this year. Others include Tishman Speyer’s $2.85 billion package for The Spiral; the $1.1 billion refinancing of 3 Bryant Park; and RFR’s $1.2 billion loan on the Seagram Building. Nationally, commercial mortgage-backed securities issuance reached $59.5 billion in the first half of 2025 — 35% more than the same period in 2024 and the highest first-half total in more than 15 years, surpassing any start since the 2008 financial crisis, according to Trepp.