{"id":4770,"date":"2025-08-12T11:28:07","date_gmt":"2025-08-12T11:28:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=4770"},"modified":"2025-08-12T11:28:43","modified_gmt":"2025-08-12T11:28:43","slug":"durst-secures-1-3b-loan-for-one-five-one-tower-in-times-square","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/durst-secures-1-3b-loan-for-one-five-one-tower-in-times-square\/","title":{"rendered":"Durst Secures $1.3B Loan for One Five One Tower in Times Square"},"content":{"rendered":"<p>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.<\/p>\n<p>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&amp;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&amp;P.<\/p>\n<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&amp;M operates its U.S. flagship store. The property was valued at $2.3 billion for the purposes of the financing.<\/p>\n<figure id=\"attachment_4775\" aria-describedby=\"caption-attachment-4775\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4775 size-full lazyload\" src=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2025\/08\/One-Five-One-Manhattan.jpg\" alt=\"\" width=\"640\" height=\"800\" data-srcset=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2025\/08\/One-Five-One-Manhattan.jpg 640w, https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2025\/08\/One-Five-One-Manhattan.jpg?resize=240,300 240w\" sizes=\"auto\" \/><figcaption id=\"caption-attachment-4775\" class=\"wp-caption-text\">One Five One, 151 West 42nd Street, Manhattan, NY<\/figcaption><\/figure>\n<h2><strong>Manhattan Q2 Office Market Snapshot<\/strong><\/h2>\n<p>As of June, Manhattan\u2019s office vacancy rate was 15.2% \u2014 down from 16.5% a year earlier \u2014 according to Yardi research data. Average asking rents were $67.97 per square foot. New construction totaled 1.56 million square feet.<\/p>\n<p>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.<\/p>\n<p>The Durst financing is one of several billion-dollar Manhattan office loans completed this year. Others include Tishman Speyer\u2019s $2.85 billion package for The Spiral; the $1.1 billion refinancing of 3 Bryant Park; and RFR\u2019s $1.2 billion loan on the Seagram Building. Nationally, commercial mortgage-backed securities issuance reached $59.5 billion in the first half of 2025 \u2014 35% more than the same period in 2024 and the <a href=\"https:\/\/www.trepp.com\/trepptalk\/cmbs-issuance-up-in-first-half-2025\" target=\"_blank\" rel=\"noopener\">highest first-half total in more than 15 years<\/a>, surpassing any start since the 2008 financial crisis, according to Trepp.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&amp;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&#8230;<\/p>\n","protected":false},"author":3163,"featured_media":1432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Durst Locks In $1.3B CMBS Loan to Refinance One Five One Times Square Tower<\/title>\n<meta name=\"description\" content=\"Durst has lined up a $1.3B loan from Wells Fargo, JPMorgan Chase, and others to refinance its One Five One office tower in Times Square.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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