{"id":1004767657,"date":"2025-08-05T05:31:46","date_gmt":"2025-08-05T13:31:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004767657"},"modified":"2025-08-20T04:19:01","modified_gmt":"2025-08-20T12:19:01","slug":"durst-lands-1-3b-refi-for-times-square-trophy-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/durst-lands-1-3b-refi-for-times-square-trophy-tower\/","title":{"rendered":"Durst Lands $1.3B Refi for Times Square Trophy 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\/2025\/08\/One-Five-One-in-Times-Square.jpg\"><img decoding=\"async\" data-attachment-id=\"1004767662\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/durst-lands-1-3b-refi-for-times-square-trophy-tower\/one-five-one-in-times-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/One-Five-One-in-Times-Square-e1754485604474.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 Five One in Times Square\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The property rises 48 stories in Times Square.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/One-Five-One-in-Times-Square-e1754485604474.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/One-Five-One-in-Times-Square.jpg\" alt=\"Exterior shot of One Five One, a 1.8 million-square-foot mixed-use tower in Manhattan's Times Square.\" class=\"wp-image-1004767662\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The 48-story One Five One houses the offices of H&amp;M, TikTok, Nasdaq and BMO Capital Markets. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In one of the largest deals of this year in Manhattan, The Durst Organization has secured a $1.3 billion refinancing loan for One Five One, a 1.8 million-square-foot office tower in Times Square. Wells Fargo Bank, JP Morgan Chase Bank, National Association and Bank of America co-issued the five-year mortgage-backed security loan, which bears a 5.8 percent interest rate.<\/p>\n\n\n\n<p>The current loan will retire $1.07 billion in existing debt and set aside $50 million to cover re-tenanting costs in case the property\u2019s largest tenant, TikTok, defaults on its lease, according to S&amp;P Global. The ownership expects to get $146.1 million in returns after the refinancing. The deal will close later this month.<\/p>\n\n\n\n<p>One Five One came online in 1999 at 151 W. 42nd St. With average floorplates of 55,000 square feet, the 48-story mixed-use trophy tower features 72,527 square feet of retail space on the ground floor. Still, more than 75 percent of the gross income generated at the property comes from the office portion. Meanwhile, the retail component accounts for 11.5 percent, S&amp;P also reports.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-strong-tenant-roster\">A strong tenant roster<\/h2>\n\n\n\n<p>Apart from TikTok, the building&#8217;s other tenants include H&amp;M, Nasdaq, BMO Capital Markets and Venable LLP, with the top five largest firms occupying almost 840,000 square feet at the property. One Five One was 92.3 percent leased at the time of the deal.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide\" style=\"background-color:#bbbbbb;color:#bbbbbb\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-june-2025\/\">Top 5 NYC Office Building Sales\u2014June 2025<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide\" style=\"background-color:#bbbbbb;color:#bbbbbb\"\/>\n\n\n\n<p>In 2017, the tower underwent a $150 million renovation which added a new entrance and lobby, as well as improved energy systems. Amenities at the LEED Gold-certified One Five One include a lounge area with a pool, 24\/7 access, bike storage, conference center, and a caf\u00e9. The office building is valued at approximately $2.3 billion.<\/p>\n\n\n\n<p>The lending group included Wells Fargo Managing Director Barry Goldman, with Cadwalader, Wickersham &amp; Taft LLP providing legal counsel. The Durst team comprised Chairman Douglas Durst, President Jody Durst, Director Lucas Durst and CFO Ira Marx, with Chatham Financial providing financial advice, and Rosenberg &amp; Estis, P.C. offering legal support.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-vacancy-rates-decreased-year-over-year\">Manhattan vacancy rates decreased year-over-year<\/h2>\n\n\n\n<p>Currently, there are 14,000 properties across the U.S. with loans set to mature either soon, or by the end of 2027, accounting for 33 percent of all office loans in the country, or otherwise $290 billion, according to the <a href=\"https:\/\/www.commercialsearch.com\/news\/office-report-maturities-rise-as-vacancies-intensify\/\">latest Yardi Matrix office report<\/a>.<\/p>\n\n\n\n<p>June saw Manhattan&#8217;s office listing rates clock in at $67.97, down 4.7 percent year-over-year, yet still more than double the national figure of $32.87. Vacancy rates in the borough dropped to 15.2 percent during the same month, reflecting a 130-basis-point decrease compared to the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three banks originated one of the biggest deals in Manhattan this year.<\/p>\n","protected":false},"author":3619,"featured_media":1004767662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[33250,32972,33492,33215],"class_list":["post-1004767657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-bank-of-america","tag-jp-morgan-chase-company","tag-the-durst-organization","tag-wells-fargo-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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