Fisher Brothers and Alaska Permanent Fund Corporation have successfully completed a $500-million refinancing deal for 299 Park Ave., with financing provided by Citi Group and JP Morgan. The Class-A office tower, spanning 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: “Our ability to secure favorable financing in this market is a testament to our reputation for maintaining and operating high-quality office assets.” He also noted that the renowned Park Avenue corridor has been leading the rebound of the office market with upgraded properties like 299 Park Ave.
The Newmark Debt & Structured Financing team played a crucial role in brokering this deal. Led by Jordan Roeschlaub, Jonathan Firestone,and Nick Scribiani,the team facilitated strong leasing activity across Fisher Brothers’ portfolio including at 299 Park Ave.In fact,in2023,FisherBrothers secured its largest leasing transaction ever when law firm Paul Weiss,Rifkind Wharton & Garrison relocatedto1345Ave.oftheAmericas,a property ownedand operatedbythecompanybasedinNewYorkCity.
