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NEW YORK CITY-Brookfield Properties Corp. completed the refinancing of One Liberty Plaza in Lower Manhattan with an $850-million, non-recourse 10-year loan. The financing was completed with Goldman Sachs at a fixed rate of 6.1%, repaying a $397-million loan at a fixed rate of 6.8%. The proceeds will be used for general corporate purposes.

“This financing accomplishes one of our major capital initiatives for the year,” says Ric Clark, president and CEO of Brookfield Properties. “Notwithstanding the current nervous credit environment, this financing shows the market’s appreciation for high-quality premier assets such as One Liberty Plaza.”

One Liberty Plaza is a 2.2-million-sf office tower located in the heart of the New York City’s financial district at Liberty Street and Broadway. The 54-story steel and glass tower offers views of New York Harbor and the five boroughs, soaring above the newly renovated Zuccotti Park, which received the 2007 American Institute of Architects Merit Award. Major tenants include Cleary Gottlieb Steen and Hamilton, the National Association of Securities Dealers, Scotiabank and Zurich Insurance.

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