The Irvine Company is close to refinancing its Midtown, Manhattan skyscraper through a $1.5 billion loan.
The news comes via a report from credit-rating agency KBRA, which said the loan is anticipated to carry a 10-year term at a fixed rate of 6.25 percent. The previous rate was 3.6 percent.
Also, KBRA rated the loan-to-value of the transaction at 78.3 percent.
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The agency reported that the property, known as 200 Park Avenue, or the MetLife Building, was 94.1 percent leased to 45 tenants, as of December. The 58-story asset spans 3.1 million square feet. The largest tenant based on base rent is Metlife, at a 14.5 percent annual rate, according to KBRA. That's followed by Gibson, Dunn & Crutcher, LLP (10.7%), Paul Hastings LLP (9.2%), Winston and Strawn LLP (8.0%), and Golub Capital LLC (6.4%), which all account for just under half of the total share.
The MetLife building is designed to offer what Irvine calls a luxurious and hospitality experience. This includes various amenities such as a fitness center, meeting space that can fit 600 individuals, outdoor space, and dining. The property actually sits on top of Grand Central Stations, which hosts 45 train platforms and sees 750,000 visitors daily, according to Irvine.
Of course, Manhattan has seen one of the strongest office recoveries in the nation. In fact, the quarterly VTS Office Demand Index (VODI) has revealed that the metro area's office demand has reached 25.3% year-over-year growth. The recovery not only leads the nation but demand in the region is now even above pre-pandemic levels.
In addition, Irvine has seen quite a bit of activity on the West Coast. In Orange County, California, the developer said it completed 1.8 million square feet of leases in the second half of 2024. The demand comes as it has invested in workplace amenities, which includes pouring $24 million into four of its Orange County office campuses.
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