Pearlmark seeking $125M loan for Tower 56

Owner aiming to lease up rest of 33-story Plaza District office tower

Apr.April 26, 2018 05:20 PM

Tower 56 and Stephen Quazzo

Pearlmark Real Estate Partners is on the hunt for a $125 million refinancing of the 33-story Plaza District office tower called Tower 56, sources told The Real Deal.

The Chicago-based real estate private equity firm plans to use the extra debt toward leasing the remainder of the 190,000-square-foot property at 126 East 56th Street, between Park and Lexington avenues.

The financing would replace a loan from Canadian bank CIBC, property records show.

The building has vacancies on second, fifth, ninth and 11th floors, according to the its website. Tenants include the Lanier Law Firm and art appraisal firm Winston Art Group.

In 2008, Pearlmark, then known as Transwestern Investment Company, bought the building from Harry Macklowe’s Macklowe Properties for $158 million.

The tower was a part of the $7 billion Equity Office Properties portfolio Macklowe acquired in 2007, which he then defaulted on the following year.

Dustin Stolly (Photo by Emily Assiran)

A Newmark Knight Frank team led by Dustin Stolly and Jordan Roeschlaub is handling the financing search. The brokers declined to comment, and a representative for Pearlmark, led by Stephen Quazzo, could not be reached.

In New York, Pearlmark also owns 375 West Broadway, where Gucci signed a two-year lease in October.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch