The flight to quality applies to lenders as well as office tenants. While older office properties with loans coming due are having trouble attracting occupants as well as refinancing, not so for the newest premium space at one of the priciest addresses in Manhattan.
A new 47-story office tower at 425 Park Avenue that was completed in 2022 and is 90% leased has been refinanced with a $911M debt package that pays off a loan of the same amount—originated in 2021 to complete construction and leasing.
Sumitomo Mitsui Trust Bank is the lead lender on a new five-year, floating-rate loan backed by the tower, which was developed by L&L Holding, Tokyu Land US Corp. and BentallGreenOak, Bloomberg reported.
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