With Condé Nast’s old space re-leased, Durst lands $900M refi in Times Square

Money is from JPMorgan Chase and Wells Fargo

TRD New York /
Apr.April 16, 2019 04:00 PM
4 Times Square and Douglas Durst of The Durst Organization (Credit: Google Maps)

4 Times Square and Douglas Durst of The Durst Organization (Credit: Google Maps)

Just weeks after leasing up the final chunk of Condé Nast’s old space, the Durst Organization has sewed up a $900 million refinancing for 4 Times Square.

The money comes from JPMorgan Chase and Wells Fargo, according to Commercial Observer. It recapitalizes the building at 4 Times Square after the maturation of $650 million in commercial mortgage-backed securities financing from UBS Bank.

The new mortgage closed on April 8 and has a term of less than five years.

The Durst building was home to publisher Condé Nast until 2014, when the company vacated for 1 World Trade Center.

Despite the departure of its anchor tenant, Durst managed to re-tenant the space over the last five years. It inked National Cable Communications to a 65,000-square-foot deal, Analysis Group to 58,000 square feet, and SS&C Technologies has extended its lease by 31,000 square feet. And BMO Capital Markets, an investment banking subsidiary of the Bank of Montreal, just signed a lease for 15 years and 215,000 square feet, the year’s largest office leasing deal so far. Nasdaq also controls about 169,000 square feet.

The Durst Organization does still have some holes to plug. White-shoe law firm Skadden, Arps, Slate, Meagher & Flom, which leases over 600,000 square feet, is leaving next year for Brookfield’s One Manhattan West.

Along with a renovation pegged at $170 million, Durst is also working to rebrand the building as 151 West 42nd Street. [CO] – Eddie Small


Related Articles

arrow_forward_ios
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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Texas Republican Rep. Nicholas Van Taylor (Getty, iStock)

Congressman pitching high-risk lifeline for CRE

Congressman pitching high-risk lifeline for CRE
4 Times Square (Google Maps, TikTok)

What happens if Trump banishes TikTok, savior of NYC’s office market?

What happens if Trump banishes TikTok, savior of NYC’s office market?
Related chairman Stephen Ross and Related Companies Portfolio CEO Richard O’Toole withBronx Terminal Market and Time Warner Center (Getty, Google Maps, Wikipedia)

Related lays out $200M debt settlement plan for Tel Aviv bondholders

Related lays out $200M debt settlement plan for Tel Aviv bondholders
(iStock)

TRD Insights: The 56 REITs whose bonds the Fed will buy

TRD Insights: The 56 REITs whose bonds the Fed will buy
A rendering of 100 Claremont Avenue, Melissa Burch of Lendlease and Ron Moelis of L+M Development Partner (Getty, Robert A.M. Stern Architects)

L+M, Lendlease snag $250M loan for UWS tower

L+M, Lendlease snag $250M loan for UWS tower
From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

Loan wolves: Bankers are stalking developers as debts come due
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...