The Real Deal New York

Brookfield seeks $1B financing package for
5 Manhattan West

Building just underwent massive renovation
November 22, 2017 02:15PM

5 Manhattan West

Brookfield Property Partners is seeking $1 billion in financing for its newly renovated 5 Manhattan West.

The firm recently completed a $350 million redevelopment of 1.8-million-square-foot office building. Brookfield and its partner, the Qatar Investment Authority, are trying to put together a five- or seven-year debt package for the property, Commercial Mortgage Alert reported.

The 16-story building at 450 West 33rd Street is nearly fully leased. In September, Amazon announced that it signed a 15-year lease for 360,000 square feet on the sixth and seventh floors and parts of the eighth and 10th floors. The company was offered $20 million in tax credits through New York’s Excelsior Jobs Program to expand in the state.

In June, JPMorgan Chase tripled its space at 5 Manhattan West, adding 300,000 square feet. [CMA] — Kathryn Brenzel