Tishman Speyer and Silverstein Properties today announced they have finalized a $330 million refinancing of their Class A office tower at 11 West 42nd Street in Midtown’s prestigious Bryant Park district.
Bank of America served as the lead lender on the new five-year fixed-rate loan, and Taconic Capital is serving as mezzanine lender. The proceeds will be used to retire 11 West 42nd Street’s existing debt and fund the costs of the building’s ongoing leasing program.
“This loan demonstrates that the capital markets are open and available for well-located, high-quality office assets with strong sponsors and solid customer bases,” said Tishman Speyer Senior Managing Director and Global Head of Debt Randall Rothschild. “We greatly appreciate Bank of America and Taconic’s partnership and support for this refinancing.”
Tishman Speyer and Silverstein have secured more than 321,000 square feet in new leases and expansions over the past two years, bringing total occupancy at the 32-story, 960,000-square-foot tower to 99 percent. Notable customers include Michael Kors, Citizen’s Bank and Trust, New York University and Kohn Pederson Fox. Tishman Speyer also operates a Studio co-working location in the tower, and all occupants and guests enjoy access to a full suite of culinary, fitness and other lifestyle offerings through its ZO amenity program.
Designed by York & Sawyer and completed in 1927, 11 West 42nd Street employs an “H”-shape layout, which allows for eight corner offices per floor and brings in natural sunlight throughout the building. Situated on the north side of 42nd Street between Fifth and Sixth Avenues, the LEED Silver-certified tower offers spectacular views of Bryant Park and the New York Public Library, and is a short walk to Grand Central Terminal, Penn Station, Times Square and a host of subway lines.
Tishman Speyer and Silverstein were represented in the transaction by a Newmark team led by Dustin Stolly and Jordan Roeschlaub, Co-Presidents of Debt & Structured Finance, along with Executive Managing Directors Nick Scribani and Chris Kramer, Issa Abbassi and Holden Witkoff.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 33 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 531 properties, totaling 221 million square feet, with a combined value of approximately $130 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment, and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned, and managed more than 40 million square feet of commercial, residential, retail, and hotel space. High-profile projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006); 4 World Trade Center (2013); Four Seasons Walt Disney Resort (2014); the Four Seasons Downtown and 30 Park Place (2016); One West End (2017); and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.
