Brookfield JV to Land $1.9B for Manhattan Tower

May 12, 2026

Office Finance New York News More Northeast

The deal is set to close at the end of this month.

Exterior shot of Two Manhattan West, a 2 million-square-foot office building in Manhattan's Chelsea neighborhood. — Two Manhattan West is adjacent to its twin office tower, dubbed One Manhattan West, each measuring 2 million square feet.
*Image courtesy of Yardi Matrix*

A joint venture between Brookfield Corp. and Qatar Investment Authority has entered into an agreement to secure a $1.9 billion refinancing loan for Two Manhattan West, a 2 million-square-foot office tower within the Chelsea neighborhood, according to a presale report by S&P Global.

Wells Fargo Bank, Bank of America, Bank of Montreal, Citi Real Estate Funding Inc., German American Capital Corp. and Santander Bank are expected to issue the 10-year, fixed-rate note, which bears a 5.5 percent interest rate.

The deal is scheduled to close on May 28, 2026. Midland Loan Services Inc. and Argentic Services Co. will serve as master and special servicer, respectively, and Computershare Trust as trustee.

Between 2019 and 2022, Two Manhattan West became the subject of several construction notes, amounting to more than $1.9 billion, according to Yardi Matrix. Additionally, in 2025, Wells Fargo Bank issued a $79.2 million permanent loan.

Delivered in 2023 after plans made by architecture firm Skidmore, Owings & Merrill, Two Manhattan West rises 58 stories and features floorplates measuring 35,000 square feet. Entirely powered by renewable electricity, the trophy asset has achieved LEED-Gold certification.

The tenant roster at the office building primarily features law and financial firms with a weighted average remaining lease term of 16 years. As of April, the tower was 96.3 percent leased to a total of 20 companies, including Cravath, Swaine & Moore, KPMG, D.E. Shaw & Co. and Clifford Chance.

A Chelsea trophy asset

Located at 389 9th Ave., the property is adjacent to its twin tower, dubbed One Manhattan West, another 2 million-square-foot asset rising 67 stories. Penn Station and Madison Square Garden are one block east and Chelsea Park is two blocks south.

Two Manhattan West is the last piece in a $4.5 billion puzzle, namely the 7 million-square-foot Manhattan West project, which features a total of six buildings serving as office and residential properties with hospitality and retail components. The master-planned project initially broke ground in 2013 and had its grand opening in 2021, before the topping off of Two Manhattan West.

Manhattan offices keep attracting lenders

Office loans across the U.S. have been extended or modified lately, rather than forced into distress at maturity, according to Trepp Connect conference speakers. While well-located Class A office assets refinance successfully due to competitive lending markets, older and lower-quality office properties are more vulnerable as loan maturities approach.

Manhattan office assets, particularly trophy properties in prime locations, have been better positioned to refinance. One recent example is the $1.8 billion loan Soloviev Group secured from Bank of America for the 1.7 million-square-foot office property at 9 W. 57th St., in the Plaza District. On that same list is the $1.7 billion refinancing package SL Green received from five banks for One Madison Ave., its 1.3 million-square-foot office tower adjacent to Gramercy Park.