NEW YORK CITY-Brookfield Office Properties Inc. said Monday that it had closed on commitments for up to $1 billion in financing on two of the four office towers at its Brookfield Place complex in Lower Manhattan. The floating-rate loan covers the 2.5-million-square-foot 225 Liberty St. (formerly known as 2 World Financial Center) and the 1.8-million-square-foot 250 Vesey St., known as 4 World Financial Center before BPO adopted the new name for the complex.
A consortium of banks led by Deutsche Bank, Royal Bank of Canada, Citibank, Bank of America and Wells Fargo have committed to lending $800 million initially with the ability for Brookfield to draw an additional $200 million. The term of the loan is three years, with two one-year extension options available.
BPO is not pursuing financing on the complex's two other towers, the 1.7-million-square-foot 200 Liberty St. and the 2.1-million-square-foot 200 Vesey St., a spokeswoman tells GlobeSt.com. Both towers currently have financing in place.
Lower Manhattan's largest office landlord, BPO currently is renovating the Brookfield Place complex to the tune of $250 million. A new retail corridor is slated to open in the spring of 2014.
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