Manhattan Tower in Line for $900M Refi

October 23, 2025

Finance New York News Northeast More Office

The deal values the property at nearly $1.4 billion.

China-based Fosun Group is on track to secure a $900 million CMBS refinancing loan backed by the 2.1 million-square-foot 28 Liberty, formerly One Chase Manhattan Plaza, according to reports by S&P Global and credit rating company KBRA. This deal values the property at $1.35 billion. Cushman & Wakefield advised on the deal.

The interest-only, three-year loan bears a 6 percent interest rate. JP Morgan, Deutsche Bank and Goldman Sachs will originate and sell the debt, with Computershare as trustee. KeyBank and Argentic will serve as master servicer and special servicer, respectively.

The note, along with roughly $77.8 million in Fosun equity, will repay the existing $895 million debt and fund an $18 million rent reserve fund, $48 million in tenant improvements and leasing commissions, as well as $16.3 million of closing costs.

Fosun acquired the asset in 2013 for $725 million. It has since invested a total of $556 million in capital improvements at the tower, redeveloping the retail portion on the ground floor and lower levels, as well as overhauling the building’s systems and elevators. Fosun also implemented several tenant-specific upgrades in addition to other general building improvements.

Rising 60 stories, the 1963-completed skyscraper at 28 Liberty St. comprises floorplates ranging from 35,000 to 37,442 square feet. Amenities encompass a 25,000-square-foot event space and five floors of retail space, including dining and entertainment options such as mini soccer fields and a theater, among other features.

New York’s Attorney General anchors the tower under a lease of more than 377,000 square feet. As of October, the property was 91.7 percent leased to 41 tenants, the roster also including AIG, Stripe, London Stock Exchange Group, as well as Wolters Kluwer, among others.

The building occupies an entire city block in Manhattan’s Financial District, more than a mile from Lower Manhattan and within walking distance of Brooklyn Bridge. Additionally, the tower has direct connections to the Wall Street subway station and is proximate to other transit hubs, including Fulton Center and World Trade Center.

Cushman & Wakefield Head of the U.S. Debt and Structured Finance Platform Rob Rubano, Managing Director Joseph Lieske and Associate Cecelia Galligan, together with Vice Chairmen Gideon Gil and Brian Share, as well as Directors Zachary Kraft and Ernesto Sanchez, advised on the deal.

The borough’s solid fundamentals thaw debt markets

Manhattan’s office vacancy rate stood at 12.8 percent in September, down 400 basis points year-over-year, according to the latest Yardi Matrix report. Meanwhile, the national index clocked in at 18.6 percent, marking only an 80-basis-point decrease compared to last year.

Average listing rates across the borough went down 2.4 percent year-over-year, settling at $66.27 per square foot, the same source shows. Still, the rates remained the highest nationwide, more than double the U.S. average of $32.79 per square foot and in line with the current office space trends.

The market’s solid fundamentals continue to lead to more financing deals being penciled out. In one of the more recent deals, a joint venture including Related Cos. secured a $1.1 billion CMBS loan for the office component of Deutsche Bank Center. Deutsche Bank and Wells Fargo will originate the debt.