JPMorgan, Fisher Bros. land $400M refi on 605 Third

Morgan Stanley provided debt on 1M sf tower

New York /
Dec.December 04, 2020 03:51 PM
Ken Fisher of Fisher Brothers and 605 Third Avenue (Fisher Brothers)

Ken Fisher of Fisher Brothers and 605 Third Avenue (Fisher Brothers)

 

Fisher Brothers and JPMorgan Asset Management secured a $400 million refinancing on their office tower at 605 Third Avenue, as the bank still looks to sell its stake in the property.

Morgan Stanley provided the 10-year, fixed-rate commercial mortgage backed securities loan, according to Commercial Observer. Eastdil Secured’s Grant Frankel, Ken Ziebelman and Ethan Pond arranged the debt.

Fisher Brothers and its partners have made more than $100 million in upgrades to the building since 2014. The 1.1 million-square-foot tower’s largest tenant is the United Nations Population Fund, which leases 131,000 square feet. Broadridge Financial Solutions leases the second most space.

In late October, JPMorgan put its 49 percent stake in the tower on the market. The company valued the entire property at about $600 million. The tower was built in the early 1960s, designed by Emery Roth & Sons.

JPMorgan acquired its stake in the building in 2015 from Rockpoint Group. At the time, Rockpoint also sold its interest in another building it co-owned with Fisher Brothers at 1345 Sixth Avenue. [CO] — Keith Larsen


Related Articles

arrow_forward_ios
Jack Terzi ends up back in court over over 23 Wall Street
Jack Terzi, China Sonangol back in court over 23 Wall Street
Jack Terzi, China Sonangol back in court over 23 Wall Street
From left: JPMorganChase CEO Jamie Dimon, Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman (Getty)
Demand for private-label mortgages on the rise
Demand for private-label mortgages on the rise
JPMorgan Chase CEO Jamie Dimon (Getty)
JPMorgan invests in private-label mortgage platform
JPMorgan invests in private-label mortgage platform
Jamie Dimon, Steve Roth, Donald Trump and 555 California St. (Trump, Getty)
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado lines up $1.2B refi of SF tower co-owned with Trump
JPMorgan Chase CEO Jamie Dimon, Salesforce CEO Marc Benioff and PricewaterhouseCoopers US Chairman Tim Ryan (Getty, PwC)
Subleases up 40% across US as companies ditch space
Subleases up 40% across US as companies ditch space
4 New York Plaza, JPMorgan CEO Jamie Dimon and 5 Manhattan West (Hines, Getty, Wikipedia Commons)
JPMorgan to sublet office space as it ponders work-from-home
JPMorgan to sublet office space as it ponders work-from-home
Equitable CEO Mark Pearson and Fisher Brothers’ CEO Ken Fisher with 1345 Avenue of the Americas (Google Maps)
Equitable Life Insurance inks 130K sf lease for new office
Equitable Life Insurance inks 130K sf lease for new office
Fisher Brothers partner Kenneth Fisher and 605 Third Avenue (Photos via Getty, Fisher Brothers/Illustration by Kevin Rebong for The Real Deal)
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
arrow_forward_ios

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

Loading...