{"id":1004805927,"date":"2026-07-21T05:26:11","date_gmt":"2026-07-21T13:26:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004805927"},"modified":"2026-07-21T05:26:13","modified_gmt":"2026-07-21T13:26:13","slug":"landmark-manhattan-office-tower-lands-229m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/landmark-manhattan-office-tower-lands-229m-refi\/","title":{"rendered":"Landmark Manhattan Office Tower Lands $229M Refi"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a5fcb6f83481&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1239\" height=\"826\" data-attachment-id=\"1004793946\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ai-native-platform-inks-20-ksf-manhattan-lease\/295-fifth-ave-in-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan.jpg\" data-orig-size=\"1239,826\" 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;&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=\"295 Fifth Ave. in Manhattan\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;295 Fifth Ave. underwent complete renovations in 2022. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan.jpg\" alt=\"A photo of 295 Fifth Ave.\" class=\"wp-image-1004793946\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan.jpg 1239w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan.jpg?resize=1024,683 1024w\" sizes=\"auto, (max-width: 1239px) 100vw, 1239px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">295 Fifth Ave. underwent complete renovations in 2022. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture of PGIM, Tribeca Investment Group and Meadow Partners has received $228.9 million to refinance 295 Fifth Ave., a 19-story office tower in Manhattan\u2019s Midtown South submarket. <\/p>\n\n\n\n<p>Rialto Capital Management LLC and Hines provided the funding, consisting of a floating-rate, interest-only bridge loan. Walker &amp; Dunlop\u2019s Capital Markets Institutional Advisory team arranged the financing.<\/p>\n\n\n\n<p>Also known as the Textile Building, the asset was completed in 1920 and long served as a hub of New York City\u2019s textile industry. The refinancing follows a 2022 comprehensive redevelopment of 295 Fifth Ave. into a 707,181-square-foot Class A office tower.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/cre-trends-at-midyear\/\">CRE Trends at Mid-Year<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The building\u2019s tenants include Bridgewater Associates, the world\u2019s largest hedge fund, and Quinn Emanuel, a litigation firm. In April, AI firm Agentio signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/ai-native-platform-inks-20-ksf-manhattan-lease\/\">20,000-square-foot lease<\/a> at the property.<\/p>\n\n\n\n<p>The Walker &amp; Dunlop team that arranged the financing consisted of Senior Managing Directors Dustin Stolly, Aaron Appel, Jonathan Schwartz,\u202fKeith Kurland and Adam Schwartz,\u202falong with Managing Directors Sean Reimer and Michael Brown, plus Director Christopher de Raet and Capital Markets Analyst Jack Krentzman.<\/p>\n\n\n\n<p>The building occupies a full city block on Fifth Avenue between 30th and 31st streets. It\u2019s within a 10-minute walk of both Grand Central Terminal and Penn Station, providing access to 16 subway lines, the Long Island Railroad, Metro-North Railroad, Amtrak and NJ Transit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-office-market-continues-to-shine\">Manhattan office market continues to shine<\/h2>\n\n\n\n<p>The outlook for the Manhattan office market includes an ongoing decline in vacancy, as strong leasing demand outpaces space under development, according to a June <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-market-update\/\">Yardi Matrix report<\/a>.<\/p>\n\n\n\n<p>The city boasted the second-lowest vacancy rate in the country as of April, recording a figure of 13.1 percent. Only Miami had a lower vacancy rate, with 12.5 percent.<\/p>\n\n\n\n<p>Asking rents averaged $69.29 per square foot in the borough in April\u2014more than double the $32.91 per square foot national average and the highest in the country. Transaction activity also remained strong, with $3 billion in office sales recorded through April, the most in the country.<\/p>\n\n\n\n<p>Another major Manhattan refinancing came earlier in July, when Vanbarton Group obtained a $352 million loan to refinance <a href=\"https:\/\/www.commercialsearch.com\/news\/vanbarton-lands-352m-for-midtown-manhattan-tower\/\">425 Lexington Ave<\/a>., a 750,000-square-foot office tower in Midtown. Goldman Sachs provided the floating-rate, single-asset single-borrower note using funds and accounts managed by BlackRock.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The building underwent a major redevelopment in 2022.<\/p>\n","protected":false},"author":882,"featured_media":1004793947,"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":[32797,32981,34714,33028,47513,44213],"class_list":["post-1004805927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-hines","tag-meadow-partners","tag-pgim-real-estate","tag-rialto-capital-management","tag-tribeca-investment-group","tag-walker-dunlop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Landmark Manhattan Office Tower Lands $229M Refi - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A joint venture consisting of PGIM, Tribeca Investment Group and Meadow Partners has received $228.9 million to refinance 295 Fifth Ave.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/landmark-manhattan-office-tower-lands-229m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landmark Manhattan Office Tower Lands $229M Refi\" \/>\n<meta property=\"og:description\" content=\"A joint venture consisting of PGIM, Tribeca Investment Group and Meadow Partners has received $228.9 million to refinance 295 Fifth Ave.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/landmark-manhattan-office-tower-lands-229m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-21T13:26:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-21T13:26:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/295-Fifth-Ave.-in-Manhattan-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"826\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-manhattan-office-tower-lands-229m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-manhattan-office-tower-lands-229m-refi\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Landmark Manhattan Office Tower Lands $229M Refi\",\"datePublished\":\"2026-07-21T13:26:11+00:00\",\"dateModified\":\"2026-07-21T13:26:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-manhattan-office-tower-lands-229m-refi\\\/\"},\"wordCount\":384,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/landmark-manhattan-office-tower-lands-229m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/04\\\/295-Fifth-Ave.-in-Manhattan-edited.jpg\",\"keywords\":[\"Hines\",\"Meadow Partners\",\"PGIM Real Estate\",\"Rialto Capital Management\",\"Tribeca Investment Group\",\"Walker &amp; 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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