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

Money is from JPMorgan Chase and Wells Fargo

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
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M loan for Hunts Point site
Turnbridge, Dune land $381M loan for Hunts Point site
Vanbarton Group’s Gary M. Tischler and Richard Coles with Marble Collegiate Church at 1 West 29th Street (Getty)
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
One World Trade Center with Constellation Agency co-founders Diana Lee and Matt Woodruff (iStock, Constellation Agency)
Constellation Agency leases 21st floor of One WTC
Constellation Agency leases 21st floor of One WTC
Northwind Group managing partner Ran Eliasaf and 165 Lexington Avenue (Northwind Group, Brooklyn North Capital)
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
One man, two companies, three bankruptcies
One man, three bankruptcies: Verrino Construction files for Chapter 7
One man, three bankruptcies: Verrino Construction files for Chapter 7
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Maverick denied yet again in battle over Chelsea rental
Maverick denied yet again in battle over Chelsea rental
arrow_forward_ios

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

Loading...