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