Tishman Speyer has completed billions of dollars worth of refinancings across New York's office sector in recent months. The latest to join the party is the developer's Class A tower in the Plaza District, inside Manhattan. The $385 million refinancing of the property, known as 300 Park Avenue, will be used to repay the existing loan.
The new debt features a $330 million CMBS loan, carrying a 5.44 percent interest rate. The co-lenders listed are Deutsche Bank Securities, Morgan Stanley and JPMorgan Chase. The other portion of the debt includes $55 million in mezzanine financing, coming from Macquarie Capital Principal Finance.
The 773,056 square foot property is 100 percent leased to tenants including Ally Bank, GoldenTree Asset Management and Colgate-Palmolive. Also, since 2021, Tishman has secured 440,000 square feet of new leases.
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The 25-story building extends from East 49th and 50th streets and is located near Grand Central Terminal, along with multiple transit lines. In 2021, 300 Park went through a renovation, which included updating the lobby to include marble walls and white furnishings.
“Our refinancing of 300 Park Avenue is the culmination of a strategic process that positions the tower for continued success well into the future,” Randall Rothschild, senior managing director of Tishman Speyer, said in a statement.
In recent months, Tishman has continued to remain with refinancing deals across its Manhattan office portfolio. In the past nine months alone, it has now completed more than $6.7 billion worth of deals. This includes a $3.5 billion CMBS for the Rockefeller Center campus and a $2.85 billion CMBS for its 66-story The Spiral tower on the West Side. According to Tishman, the Rockefeller Center deal represented a record CMBS for a single office property.
Manhattan is continuing its strong office recovery since the pandemic. A recent report from Savills found that leasing in the first six months of 2025 was 21.1 million square feet, which marks the best first half in 11 years. That comes as the availability rate tightened, down 280 basis points year-over-year to 17.2 percent.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
