Canadian-based Ivanhoé Cambridge has refinanced its office tower 3 Bryant Park in Midtown, Manhattan for about $1.12 billion.
Included on the deal was Hines, which serves as both the asset handler and manager of the property. The refinancing was provided by Bank of America, Bank of Montreal, and Wells Fargo. JLL represented both Ivanhoé and Hines on the deal.
In total, the 42-story tower spans 1.2 million square feet. This year, 3 Bryant completed a renovation to include a "brand new amenity offering," which includes a new conference center, according to JLL. Some other amenities on-site include retail space for Whole Foods and Equinox, a sky lobby, a coffee bar, and 16,000 square feet of public space.
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Plus, the building is across the street from Bryant Park itself, which lures 12 million visitors each year and is a notable green space, according to JLL.
The property is 97.2 percent leased currently to tenants including Dechert LLP, US Bank, Lloyds Bank, Salesforce, Stifel, and Standard Chartered. JLL calls 3 Bryant "one of New York City's premier and highest-performing trophy properties" thanks to the investment capital that keeps pouring in.
The brokerage firm further noted that trophy assets located in the Bryant Park micro-market hold just a 0.8 percent vacancy rate, and rents are roughly 50 percent higher on average compared with Class A properties located in Midtown.
"The successful refinancing of a globally renowned trophy office such as 3 Bryant Park signals a shift in market perception and offers an optimistic outlook for the future," Christopher Peck, senior managing director of JLL said.
"The property's exceptional tenant roster, prime location and record utilization have positioned this transaction as arguably the most significant office refinancing of its scale in the post-pandemic era."
JLL said it has been noticing a surge in activity for CRE loans since the September quarter of 2024. It reported an almost 30 percent surge in lender quotes for transactions over $100 million it advised on during the second half of the year.
Also, the new year is off to a good start for New York office leasing. According to a January report from Colliers, Manhattan saw 3.63 million square feet in leasing volume, representing a 24.4 percent rise from the previous month. The surge was driven by leases that were 100,000 square feet or greater.
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