JLL Capital Markets has arranged a $40 million refinancing for 99 Hudson St., a 183,958-square-foot office building in the Tribeca neighborhood of Lower Manhattan. JLL represented the borrower, an affiliate of Olshan Properties, in securing the new loan, which was provided by an insurance company.
The 17-story Class B office property was originally constructed in 1930 and has a long ownership history with the Olshan-affiliated borrower, which acquired the asset in 1983. Since that time, the building has undergone a series of upgrades, including a new lobby, façade work and modernization of its elevators, as well as improvements to mechanical and electrical systems. These capital investments have repositioned the property within the competitive Tribeca office market.
Several floors at 99 Hudson St. offer expansive, open-plan loft office suites, aligning the building with tenants seeking flexible, creative-style layouts in Lower Manhattan. The property is reported to be approximately 97% occupied, indicating a high level of tenant retention and demand within the asset. This strong occupancy profile supports the building’s income stability and underpins the financing.
The JLL Capital Markets team representing the borrower was led by senior managing director Steven Klein. In commenting on the broader market, Klein noted that Tribeca continues to perform as a strong office submarket, characterized by limited supply, low vacancy and ongoing tenant demand. He added that the refinancing reflects lender confidence in both the property’s performance and the long-term ownership strategy of Olshan Properties’ affiliate.
The transaction highlights the ability of well-leased, upgraded office assets in Lower Manhattan to attract institutional lending capital. It also underscores the continued interest of insurance companies in placing debt on stabilized office properties in established urban neighborhoods such as Tribeca.
