Brookfield lands $835M refi for One New York Plaza

Brookfield Property Partners has recently landed an $835 million refinancing loan for its Financial District office tower at One New York Plaza.

The new loan was originated by Wells Fargo, Goldman Sachs and BMO Harris Bank. Proceeds from the loan were used to retire an existing $750 million loan issued by Wells Fargo in 2016, according to Kroll Bond Rating Agency.

Brookfield has owned the 50-story, 2.6 million-square-foot office building since 2006, when the company, in partnership with Blackstone Group, acquired Trizec Properties, an office landlord that owned the building, for $8.9 billion.

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In May 2016, Brookfield sold 49 percent of its ownership stake to Chinese sovereign fund China Investment Corporation for $683.5 million. And in December of the same year, Brookfield sold 16 percent of that stake to AEW Capital Management for $223.2 million.

The firm retained the remaining 35 percent stake and continues to manage the building.

As of November 2020, the property was 96.5 percent leased to 26 tenants, the largest of whom is Morgan Stanley, which takes up about 1.37 million square feet, or about 53 percent of the building’s total rentable space, according to Kroll.

Brookfield’s spokesperson did not immediately respond to a request for comment.