Exclusive: Manhattan Tower Secures $235M Refi

August 10, 2026

Office Finance New York News More Northeast

The asset changed hands in 2024.

Exterior shot of Gardens 780, a 50-story office building in Manhattan's Plaza District. — The 1983-completed Gardens at 780 underwent renovations in 2022. *Image courtesy of Yardi Matrix*

Sovereign Partners has secured a $235 million refinancing loan for The Gardens at 780, its 510,000-square-foot office high-rise in Manhattan’s Plaza District. Rialto Capital Management issued the note, according to Yardi Matrix information.

The building has been under Sovereign Partners’ ownership since 2024. The company purchased the asset for $177 million—$347 per square foot—from Nuveen Real Estate, the same data provider shows. The current refinancing retires the $20 million acquisition loan originated by Metropolitan Life Insurance Co. at the time of the sale.

Completed in 1983, the 50-story Gardens at 780 features 11 passenger elevators and almost 4,000 square feet of first-floor retail space. The LEED Gold-certified property underwent cosmetic renovations in 2022 and its amenity package encompasses a restaurant, a bar, a garden, a tenant-only work lounge, a mother’s room and collaboration areas.

The tenant roster includes The Amynta Group, Baillie Gifford International LLC, Penso Advisors, The Financial Supervisory Service of South Korea and Bank of Korea.

Located at 780 Third Ave., the office tower is four blocks north of Grand Central station and six blocks away from the Chrysler Building.

Manhattan office market holds firm

Capital continues to favor higher-quality office assets across New York City, with Class A office buildings attracting substantial financing activity.

Recent noteworthy deals includes the $415 million loan Rithm Capital Corp. received last month for its 785,087-square-foot tower in Plaza District, at 31 W. 52nd St. Around the same time, Goldman Sachs issued a $352 million note to refinance Vanbarton Group’s office property at 425 Lexington Ave.

As of June, Manhattan’s average office listing rates surged 6.0 percent year-over-year to $72.02 per square foot, maintaining its status as the most expensive market in the U.S. by a wide margin, according to a recent Yardi Matrix report. Miami ranked second nationwide, but its average rate still trailed Manhattan’s by more than $10 per square foot.

That same month, the borough’s vacancy rate registered a 210-basis-point drop to 13.1 percent on a trailing 12-month basis, achieving yet again the lowest figure across the largest markets in the country.