On Friday, Tishman Speyer announced that it had secured a $2.85 billion CMBS loan to refinance its newly built office tower in Manhattan, The Spiral. The five-year loan has a fixed rate and was led by JPMorgan Chase, with Bank of America, Goldman Sachs and Wells Fargo also participating as co-lenders.
The 66-story building spans 2.8 million square feet and is currently 94% leased to top tenants such as HSBC, TPG Global, Debevoise & Plimpton LLP, AllianceBernstein,Turner Construction and Marshall Wace – just two years after its opening. This successful refinancing follows the recent $3.5 billion loan for Rockefeller Center less than three months ago – reportedly the largest CMBS issuance ever for a single office property.
Tishman Speyer CEO Rob Speyer expressed his pride in The Spiral’s success: “We are exceptionally proud of this property and delighted to deliver value for our investors.” He also noted that both The Spiral and Rockefeller Center serve as examples of how premier properties with desirable amenities can continue to outperform the market when backed by strong occupancy rates from established sponsors.
