Fisher Brothers has scored $500 million to refinance its recently completed renovation of its Midtown office property, 299 Park Avenue, which also serves as the developer's headquarters.
The funding for the loan is being provided by Citi Group and J.P. Morgan. The length of the term and other specifics of the financing were unclear.
The 1.17 million square foot asset is 95 percent leased. For 2024, Fisher was active with securing leases for 299 Park, inking more than 60,000 square feet worth of deals. This includes MacKay Shields LLC's 30,000 square feet of space and Becker, Glynn, Muffly, Chassin & Hosinski LLP's nearly 25,000 square foot renewal.
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In recent years, Fisher has poured $20 million into improving 299 Park, which was originally built in 1967. This includes a transformation of the lobby space, implementing what it describes as a "hotel-like" design to the interior of the building, as well as upgrading the elevators and the properties' exterior facade. Also, the asset includes Bluetooth technology and hospital-grade air filtration systems, which is a part of the family-owned real estate firm's "WELL Building Institute" it has implemented through its commercial portfolio in New York City.
Along with 299 Park serving as Fisher's headquarters, it's leased to major firms such as Capital One, UBS, and King Street Capital.
Newmark's Jordan Roeschlaub, Jonathan Firestone, and Nick Scribiani brokered the refinancing efforts.
“Securing attractive financing in this market reflects Fisher Brothers’ longstanding reputation for meticulously maintaining and operating Class A office assets,” Ken Fisher, partner at Fisher, said in a statement.
“Manhattan’s renowned Park Avenue corridor has been at the forefront of the office market rebound, with upgraded assets like 299 Park Avenue leading the charge.”
Overall, New York's office sector is continuing to build on its strong recovery since the pandemic. 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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