Property & Building Corporation Ltd. (PBC) announced today that it successfully issued Secured Bonds in the Tel Aviv Stock Exchange to pay off the outstanding $385million JP Morgan Chase loan on 10 Bryant.
JLL, the property’s exclusive leasing agent, has brought 10 Bryant to 99 percent occupancy following the completion of three floors of transactions at the prime Midtown office tower,where PBC has led a rebranding to further elevate the building’s status among premier corporate addresses.
As many office towers struggle to refinance in this tough interest rate environment, this fund raise supports ownership’s plan to ensure 10 Bryant remains a trophy, modern office tower that appeals to the world’s most discerning tenants. It also demonstrates ownership’s faith in 10 Bryant and New York City’s office market as a whole.
JLL recently signed two new leases at the property. San Francisco-based green infrastructure investor and operator Generate Capital signed a long-term lease to relocate from 461 Fifth Ave. to occupy 32,421 square feet across the entire 26th and 27th floors of 10 Bryant.
Meanwhile, alternative asset manager Tilden Park Capital signed a long-term renewal for its 16,140-square-foot office across the entire 28th floor. The company has been a tenant of 10 Bryant since 2013.
The two deals follow a flurry of activity at the 30-story trophy glass tower located steps from Grand Central Terminalat 452 Fifth Ave. that PBCis repositioning as 10 Bryant.While the building is fully leased, 10 Bryant has a significant block of space coming available in 2025, positioning the building to accommodate a large headquarters block with specialized amenities. Demand for the property continues, with robust leasing activity on multiple floors for space that is not yet on the market.
“This is a landmark day for 10 Bryant and these compelling transactionsshowcase the property’sconsistentallure among sophisticated tenants seeking best-in-class office space in a prime Manhattan location,” said JLL Vice Chairman Paul Glickman.
JLL’s Glickman represents the building with Executive Managing Director Ben Bass, Senior Vice President Kristen Morgan and Senior Associate Kate Roush. Generate Capital was represented by Jamie Katcher, Emilie Goldman and Jon Moeller of Raise Commercial Real Estate, Inc. Tilden Park Capital was represented by Silvio Petriello, Ben Friedland and Tamika Kramer of CBRE.
Located at the crossroads of Fifth Avenue and Bryant Park overlooking the New York Public Library, 10 Bryant’s tower floorsfeaturefull-floor identity, floor-to-ceiling glass, and both expansive floorplates and ceiling heights. Tenants of the property include the law firm Baker & McKenzie, Lombard Odier and Varadero Capital.
The building’s central location offers convenient access to multiple transportation options, including Grand Central Station and the Metro North/LIRR Railroads, the Times Square subway network, as well as Penn Station and the Port Authority Bus Terminal, which are both a short walk away.
Said Bass, “As flight to quality continues to drive the market, 10 Bryant stands out in a prime submarket with the added benefitof superior transportation options that meet the increasing demand for commuter-friendly locations that appeal to the contemporary office worker.”
According to JLL’s Q1 Manhattan Office Insight, top of market demand continues to show resilience in an otherwise lacklustre leasing sector. During the quarter, 23 deals were signed with starting rents over $100 psf, including nine over $150 psf. $100-plus deals represented nearly 20 percent of total leasing volume in the quarter.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel,residential and retail properties. A Fortune 500® company with annual revenue of $20.9billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined withlocal expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
