Brookfield refis 1 Liberty Plaza

Landlord expects 2.2M SF tower to be fully occupied by year’s end

TRD New York /
Aug.August 04, 2017 01:18 PM

Brookfield’s Ric Clark, Morgan Stanley’s James Gorman and 1 Liberty Plaza

UPDATED, Aug. 4, 4:55 p.m.: Brookfield Property Partners refinanced its 2.2 million-square-foot Lower Manhattan office tower One Liberty Plaza with a $784 million loan from Morgan Stanley, property records filed with the city Friday show.

The new financing replaces an $850 million loan Goldman Sachs provided in 2007. Goldman securitized $250 million of the original loan, which has an expiration date of August 8, according to Trepp.

Representatives for Brookfield and Morgan Stanley were not immediately available for comment. Commercial Mortgage Alert first reported on the loan in June.

It’s been a busy year for Brookfield’s 54-story tower, which started the year with about 650,000 square feet of actual or upcoming vacancies. The landlord has filled much of that space already and expects the tower to be 95 percent occupied by the end of the year.

Brookfield just signed the insurance and risk-management firm Aon to another full floor, brining the company’s total square footage 237,000 square feet after it inked a deal earlier in the year to relocate from Water Street.

The cosmetics company New Avon and Business Insider also inked deals, and New York City Economic Development Corporation has a 220,000-square-foot lease pending.

Morgan Stanley recently provided Brooks Brothers with $109 million to refinance its flagship property at 346 Madison Avenue, as well as $850 million to Refinance Walton Street Capital and RXR Realty’s 237 Park Avenue.

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