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

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

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market

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

Pope Francis (Credit: WIkipedia, iStock)

Unholy real estate strategy: Catholic churches shuffle properties to shield billions from sex abuse victims, report says

(Credit: iStock)

Real estate created the Chinese elite. Here’s what happens next

160 Imlay Street

Est4te Four gets $74M inventory loan for Red Hook condo