Exclusive: Sage Realty Secures $160M Manhattan Office Refi
The loan retires a previous $185 million note.
Image courtesy of Yardi Matrix
Sage Realty Corp. has secured a $160 million refinancing loan for its office tower at 437 Madison Ave. in Manhattan, according to Yardi Matrix information. Wells Fargo Bank issued the note.
The loan retires a previous $185 million note also originated by Wells Fargo Bank.
Completed in 1967 by William Kaufman Organization, the property rises 39 stories and features floorplates ranging from 16,100 to 30,175 square feet. The 846,710-square-foot tower underwent cosmetic renovations in 2017 and received the LEED Silver certification in 2024.
Its tenant roster includes Santander Bank, Carnegie Corp. of New York, Montgomery McCracken Walker & Rhoads, Storch Byrne and Bentley Associates. Additionally, the property features 10,050 square feet of retail space on the first floor, housing Madison Avenue Florist and Wells Fargo Bank.
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The office tower is across the street from St. Patrick’s Cathedral and two blocks north of the Grand Central train station.
Office loan originations continue to rise
As of the fourth quarter of 2025, commercial and multifamily mortgage loan originations registered a 30 percent increase year-over-year and a 25 percent rise quarter-over-quarter. Office properties saw a 95 percent increase in dollar volume of loans compared to the previous year, according to the Mortgage Bankers Association’s quarterly survey.
Recent large office lending deals in Manhattan include SL Green Realty Corp.’s $1.7 billion refinancing for One Madison Ave. Wells Fargo Bank issued the loan alongside four other banks, retiring $1.2 billion in existing debt.
Similarly, Global Holdings Management Group Inc. landed a $450 million CMBS loan for Nomad Tower, a 757,154-square-foot office in Midtown, a note also originated by Wells Fargo Bank.
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