Tishman Speyer and Silverstein Properties today announced they have finalized a $330 million refinancing of their Class A office tower at 11 West 42nd Street in Midtown’s prestigious Bryant Park district.
Bank of America served as the lead lender on the new five-year fixed-rate loan, and Taconic Capital is serving as mezzanine lender. The proceeds will be used to retire 11 West 42nd Street’s existing debt and fund the costs of the building’s ongoing leasing program.
“This loan demonstrates that the capital markets are open and available for well-located, high-quality office assets with strong sponsors and solid customer bases,” said Tishman Speyer Senior Managing Director and Global Head of Debt Randall Rothschild. “We greatly appreciate Bank of America and Taconic’s partnership and support for this refinancing.”
Tishman Speyer and Silverstein have secured more than 321,000 square feet in new leases and expansions over the past two years, bringing total occupancy at the 32-story, 960,000-square-foot tower to 99 percent. Notable customers include Michael Kors, Citizen’s Bank and Trust, New York University and Kohn Pederson Fox. Tishman Speyer also operates a Studio co-working location in the tower, and all occupants and guests enjoy access to a full suite of culinary, fitness and other lifestyle offerings through its ZO amenity program.
Designed by York & Sawyer and completed in 1927, 11 West 42nd Street employs an “H”-shape layout, which allows for eight corner offices per floor and brings in natural sunlight throughout the building. Situated on the north side of 42nd Street between Fifth and Sixth Avenues, the LEED Silver-certified tower offers spectacular views of Bryant Park and the New York Public Library, and is a short walk to Grand Central Terminal, Penn Station, Times Square and a host of subway lines.
Tishman Speyer and Silverstein were represented in the transaction by a Newmark team led by Dustin Stolly and Jordan Roeschlaub, Co-Presidents of Debt & Structured Finance, along with Executive Managing Directors Nick Scribani and Chris Kramer, Issa Abbassi and Holden Witkoff.
