{"id":1004718618,"date":"2024-06-25T03:33:56","date_gmt":"2024-06-25T11:33:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004718618"},"modified":"2024-06-25T07:21:03","modified_gmt":"2024-06-25T15:21:03","slug":"brookfield-lands-750m-for-lower-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-lands-750m-for-lower-manhattan-tower\/","title":{"rendered":"Brookfield Lands $750M for Lower Manhattan Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/One-Liberty-Plaza-e1719305643128.jpg\"><img decoding=\"async\" data-attachment-id=\"1004718619\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brookfield-lands-750m-for-lower-manhattan-tower\/one-liberty-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/One-Liberty-Plaza-e1719305643128.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Liberty Plaza\" data-image-description=\"&lt;p&gt;The office tower at 165 Broadway in Manhattan.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The owner will implement multiple capital investments at the building. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/One-Liberty-Plaza-e1719305643128.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/One-Liberty-Plaza.jpg\" alt=\"The office tower at 165 Broadway in Manhattan.\" class=\"wp-image-1004718619\" style=\"width:350px;height:auto\"\/><\/a><figcaption class=\"wp-element-caption\">The owner will implement multiple capital investments at the building. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Brookfield Properties has obtained $750 million for the refinancing of One Liberty Plaza, a 2.3 million-square-foot office high-rise in Lower Manhattan. Multiple lenders including Morgan Stanley provided the long-term loan.<\/p>\n\n\n\n<p>Previous debt included a $850 million financing package obtained in 2017 and originated by Morgan Stanley Bank, according to CommercialEdge information.<\/p>\n\n\n\n<p>Last year, Brookfield acquired a 49 percent interest in the asset from co-owner Blackstone for $1 billion. The deal marked a $500 million drop from the previous valuation that was conducted in 2017, when Brookfield sold the minority interest to Blackstone.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-leed-gold-certified-high-rise\">A LEED Gold-certified high-rise<\/h2>\n\n\n\n<p>The 54-story office building came online in 1973 and underwent cosmetic renovations in 1989 and 2002. The high-rise, which is LEED Gold-certified, features floorplates averaging about 45,000 square feet, 20,000 square feet of retail space, a fitness center and multiple event spaces. The owner plans to implement multiple capital investments at the building.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/office-debt-the-underwater-mountain\/\">Office Debt \u2013 The Underwater Mountain<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Tenants include Newmark, Cambridge University Press &amp; Assessment, Avon and FAIRCO, CommercialEdge data shows. Occupancy at One Liberty Plaza over the last 20 years averaged 95 percent.<\/p>\n\n\n\n<p>Located at 165 Broadway in the borough&#8217;s Financial District, the tower is close to Fulton St. subway station and within walking distance of World Trade Center.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-large-refinancing-deals-are-still-closing\">Large refinancing deals are still closing<\/h2>\n\n\n\n<p>Despite economic challenges affecting the real estate industry\u2014especially the office sector\u2014and a growing number of <a href=\"https:\/\/www.commercialsearch.com\/news\/loan-defaults-are-a-dangerous-emerging-trend-says-veteran-broker\/\">loan defaults based on maturity<\/a> and high-interest rates, large refinancing deals are still in the books.<\/p>\n\n\n\n<p>In April, <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\">L&amp;L Holding Co. secured $911 million<\/a> for 425 Park Ave., a 47-story Manhattan tower. Sumitomo Mitsui Trust Bank provided the five-year, floating-rate loan for the office property.<\/p>\n\n\n\n<p>The same month, a joint venture between SL Green Realty Corp. and Vornado Realty Trust obtained <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-and-vornado-score-1b-loan-extension-for-nyc-trophy-tower\/\">a two-year extension for the $1.1 billion securitized mortgage<\/a> on 280 Park Ave., also in Manhattan. Partners will have the option to fully extend the maturity date to 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last year, the company acquired a 49 percent interest in the asset from Blackstone for $1 billion.<\/p>\n","protected":false},"author":3355,"featured_media":1004718619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[33497,32779,33603],"class_list":["post-1004718618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-brookfield-properties","tag-leed","tag-morgan-stanley-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brookfield Lands $750M for Lower Manhattan Tower - 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