On Friday, Tishman Speyer announced that it had successfully refinanced its newly built Manhattan office tower, The Spiral. The company secured a $2.85 billion CMBS loan for the property, which was led by JPMorgan Chase and included co-lenders Bank of America, Goldman Sachs and Wells Fargo.
The 66-story building has been open for two years and is currently 94% leased to top tenants such as HSBC, TPG Global, Debevoise & Plimpton LLP, AllianceBernstein,Turner Construction and Marshall Wace. This refinance follows a recent $3.5 billion loan for Rockefeller Center just three months ago – reportedly the largest CMBS issuance ever for a single office asset.
Tishman Speyer CEO Rob Speyer expressed his pride in The Spiral’s success: “We are exceptionally proud of this property and pleased 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 continue to outperform the market when backed by strong occupancy rates from established sponsors.
