The Moinian Group has refinanced its Midtown, Manhattan office tower, 535–545 Fifth Avenue, under a $310 million deal.
The new loan will replace the existing one and will provide the property with long-term financial stability, according to Moinian. CBRE's Drew Anderman led the efforts in advising Moinian on the loan, with also some assistance from the firm's Eddie Haber, AJ Bruno and Jared Fried. The lender and the term of the debt were not disclosed.
In 2015, Morgan Stanley provided Moinian with a $310 million CMBS loan on the nearly 500,000 square foot asset, as the Commercial Observer reported at the time.
“This refinancing underscores the value of prime Fifth Avenue assets and our disciplined approach to asset management,” said Joseph Moinian, founder and CEO of Moinian.
“We are pleased to secure attractive financing that positions the property for continued long-term success.”
It comes after a recent $42 million renovation project at 535–545 Fifth Avenue. The site now features large windows, allowing for natural light, boutique full-floor options and security that's present at all times. The property hosts financial institutions, law firms, service organizations and major corporations.
The building is also within walking distance of Grand Central and provides an overlook of 5th Avenue.
Manhattan's office sector is coming off a strong 2025, which saw 42.9 million square feet of leasing activity, according to a market report from Savills. This was the highest annual number since 2014 and up 20.1 percent year-over-year. Also, sublease availability fell to its lowest levels since the third quarter of 2019.
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