Soloviev Group Lands $1.8B for Manhattan Office Tower

May 8, 2026

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After stabilization, this 50-story property is expected to achieve a $3.9 billion market value.

Exterior shot of the office tower at 9 W 57th St. in Manhattan. — The 1.7 million-square-foot tower underwent a $50 million renovation program that was finalized in 2025. *Image courtesy of Yardi Matrix*

Soloviev Group has obtained a $1.8 billion loan to refinance the 1.7 million-square-foot office tower at 9 W. 57th St., in Manhattan’s Plaza District. Bank of America issued the note, which bears an interest rate of 4.9 percent.

Proceeds retire a previous 10-year $1.2 billion loan issued by JPMorgan Chase in 2016, according to Yardi Matrix information. That note was to mature in September.

As part of the current transaction, Soloviev also hedged the index to protect against rising rates. After stabilization, the 50-story property is expected to achieve a $3.9 billion market value.

Designed by Skidmore, Owings & Merrill and completed in 1974, the high-rise features a 20,000-square-foot lounge—which includes meeting rooms, conference space and an executive dining area—as well as a 11,000-square-foot fitness center and an art gallery, among others. These amenities were part of a $50 million renovation program that was completed in 2025.

The property’s long-term tenants include Apollo Global Management, CHANEL, Loews Corp., Qatar Investment Authority, Coatue, Veritas and Standard Industries. Recent additions to the tower’s roster comprise The U.S. Soccer Federation, Hess Group, Beaconlight Capital and Platinum Equity, as well as Mousse Partners, Tikehau Capital, Jain Capital and PointState Capital.

The skyscraper is also home to private equity investment firm HBeyond, which signed a record-setting lease at the property in April. The tenant agreed to pay $327.5 per square feet on average for the 5,063-square-foot space, marking one of the highest recorded rates in the New York City commercial sector.

The tower is across from The Plaza, one block south of Central Park, and close to the subway station on 57th Street.

Recent refinancing deals in Manhattan

Recent noteworthy refinancing deals in Manhattan include Sage Realty Corp.’s $160 million loan for 437 Madison Ave. On that same list is SL Green Realty Corp.’s $1.7 billion refinancing package for One Madison Ave., its 1.3 million-square-foot office tower in Manhattan’s Gramercy Park, in March. The same month, Global Holdings Management Group Inc. received a $450 million CMBS loan for Nomad Tower from Wells Fargo Bank.

As of March, Manhattan’s average office listing rates clocked in at $69.80 per square foot, up 1.1 percent year-over-year and more than double the national figure of $32.80, according to a recent Yardi Matrix report. Meanwhile, the borough’s vacancy rate fell 340 basis points over the year to 13.1 percent, ranking second nationwide after Miami’s 12.5 percent.