Jack Resnick & Sons' Class A office building in Tribeca, Manhattan, is getting refinanced under $147 million deal.
Morgan Stanley and Societe Generale have provided a CMBS, which will replace the existing loan with MetLife. The new debt will span 10 years at a fixed rate, with Avison Young arranging the deal.
The property known as 255 Greenwich Street stands 14 stories and was first developed in 1987. The building consists of major medical and education providers, such as the Ichan School of Medicine at Mount Sinai, Cornell University and The City University of New York. Plus, there is retail space, with Target Corp. serving as a core tenant. Spanning a full block, 255 Greenwich is near the World Trade Center.
Some features at the Class A property include 13-foot ceilings, a parking garage, emergency backup power and a 24/7 lobby, which recently went under renovation. The more than 600,000 square foot building is currently showing commercial availability of 51,593 square feet, which represents the full fourth floor.
“The successful refinancing of 255 Greenwich, which Jack Resnick & Sons developed nearly 40 years ago, is a testament to the attractiveness and vitality of Lower Manhattan,” Jonathan Resnick, president of Jack Resnick, said in a statement.
“This closing further strengthens our dedicated long-term partnerships with the Singers, Morgan Stanley and Soc Gen. It also marks the start of an important new relationship with Avison Young’s Tri-State Debt and Equity Finance team. We appreciate everyone’s collaborative efforts to complete and rate lock this transaction on an expedited timeline.”
Jack Resnick operates a few other office properties in Lower Manhattan, such as One Seaport Plaza, 161 William Street and 52 Broadway.
Office in Manhattan overall continues to thrive. Leasing in the year-to-date through October was up by 38 percent from the same period last year to 26.03 million square feet, according to a report from CBRE. Plus, sublease availability has dropped below pre-pandemic levels to 11.8 million square feet.
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