Fisher Brothers and Alaska Permanent Fund Corporation have successfully completed a $500-million refinancing deal for their property at 299 Park Ave. The financing was provided by Citi Group and JP Morgan, two leading financial institutions.
The Class-A office tower, spanning over 1.17 million square feet in Midtown Manhattan, is currently leased to top tenants such as Capital One, King Street Capital and UBS. According to Ken Fisher, partner at Fisher Brothers: “This successful refinancing is a testament to our company’s reputation for maintaining high-quality office assets.” He also noted that the prestigious Park Avenue corridor has been witnessing strong growth in the office market with upgraded properties like 299 Park Ave leading the way.
The Newmark Debt & Structured Financing team played a crucial role in securing this deal. Led by Jordan Roeschlaub, Jonathan Firestone and Nick Scribiani, they brokered the transaction which follows an impressive leasing activity across Fisher Brothers’ portfolio including 299 Park Ave. In fact,in2023,the locally based owner-operator secured its largest leasing transaction ever when law firm Paul Weiss Rifkind Wharton & Garrison relocated to their property at1345Ave.oftheAmericas,surpassing all previous records.
