An office tower built nearly a century ago on 42nd Street in Midtown Manhattan has a new lease on life in the form of a $330M refinancing.
A partnership between Tishman Speyer and Silverstein Properties has closed on new financial package for the 32-story Salmon Tower Building, a 960K SF office tower at 11 W. 42nd Street, across the street from Bryant Park.
The venerable office tower, built during the Art Deco period in 1927, was gutted and renovated in 1978, when the renovated structure was acquired by Tishman and Silverstein.
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The five-year, fixed-rate loan, which was secured from Bank of America as the senior lender with Taconic Capital the mezzanine lender, replaces a $300M loan and will provide funds for a lease expansion program.
The two owners were represented in the transaction by a team led by Dustin Stolly and Jordan Roeschlaub, co-presidents of Newmark's Debt & Structured Finance unit, and including Executive Managing Directors Nick Scribani, Chris Kramer, Issa Abbassi and Holden Witkoff.
The building is 99% leased, including 21K SF of ground-floor retail space. Tishman Speyer operates a co-working space in the building, which includes conference studios.
The firm also is offering a global amenity package known as ZO that Tishman extended to all of its worldwide properties earlier this year.
Tishman Speyer launched ZO Global Access, an expansion of its ZO amenities program that offers office workers at any of its 41 global properties access to to its high-end Clubhouses, wellness services, and what it calls curated experiences available at other locations.
ZO is a global network offering city-specific programs and cultural events. Space can be reserved through the ZO app. Tishman-owned buildings at Rockefeller Center, 11 W 42nd, and 300 Park are among the 11 NY buildings in the Network.
"Our customers are more mobile than ever before, and their life and work take them to destinations across the globe. ZO Global Access gives them an instant community and the familiarity of our amenities, wherever they may be," said EB Kelly, senior managing director at Tishman Speyer in charge of ZO, in a statement.
The Salmon Tower Building—there weren't many towers in 1927, thus the name—offers floorplates ranging from 1,200 to 38K SF, to tenants ranging from asset managers to education and fashion. The building is within walking distance of Grand Central Station and the New York Public Library.
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