Brookfield scores $224M refi on Battery Park office tower

Standard Chartered Bank provided debt on 300 Vesey

New York /
Jun.June 17, 2021 02:15 PM
Brookfield Property Partners CEO Brian Kingston and 300 Vesey Street (Brookfield)

Brookfield Property Partners CEO Brian Kingston and 300 Vesey Street, at far left (Brookfield)

Brookfield Property Partners secured a $224 million refinancing on its Battery Park City office tower.

Standard Chartered Bank provided the debt on the waterfront property at 300 Vesey Street — also known as 1 North End Avenue.

Brookfield acquired the 15-story building in 2013 for $200 million, and incorporated it into the sprawling Brookfield Place campus.

The refinancing replaces an existing $180 million mortgage on the building — and adds $44 million of new debt, according to the loan document. Brookfield declined to comment.

The Skidmore, Owings and Merrill-designed tower was developed in 1996 for the New York Mercantile Exchange, which remains as a tenant. In addition to offices, the 559,000-square-foot building features Skylight on Vesey, a 30,000-square-foot event space with a 37-foot ceiling converted from a trading floor.

In April, Brookfield Asset Management reached an agreement to take its Covid-dinged real estate arm private by acquiring all of Brookfield Property Partners’ outstanding shares in a deal worth $6.5 billion. The move took Brookfield’s real estate wing off the public markets and away from scrutiny of analysts, investors and short sellers who had questioned its asset valuation.





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