Blackstone Group subsidiary EQ Office locked down a refinancing deal for its 36-story Park Avenue Tower, which has seen some new leasing activity of late.
The firm secured $570 million from Morgan Stanley for 65 East 55th Street, according to a source familiar with the transaction.
Blackstone and Morgan Stanley declined to comment.
EQ Office bought the 625,000-square-foot property in 2014 for $750 million. The landlord that year received a $560 million loan on the property, $425 million of which was securitized. The securitized portion of that loan was paid off this month, according to data from research firm Trepp.
EQ Office recently wrapped up a $25 million renovation of the tower.
Meanwhile, tenants recently have signed a string of new leases following the property’s repositioning.
Hedge Fund Exodus Point Capital is expanding to 35,700 square feet. BTIG Partners, a financial services broker-dealer, took on 65,000 square feet and global asset manager PineBridge Investments recently inked a deal for 57,000 square feet.
Meanwhile, Morgan Stanley last week provided $215 million to Heatherwood Luxury Rentals to refinance the 58-story Tower 28, a luxury rental building in Long Island City.