Blackstone’s EQ Office lands $570M refi for Park Avenue Tower

Building at 65 East 55th Street was recently renovated

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)
65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone Group subsidiary EQ Office locked down a refinancing deal for its 36-story Park Avenue Tower, which has seen some new leasing activity of late.

The firm secured $570 million from Morgan Stanley for 65 East 55th Street, according to a source familiar with the transaction.

Blackstone and Morgan Stanley declined to comment.

EQ Office bought the 625,000-square-foot property in 2014 for $750 million. The landlord that year received a $560 million loan on the property, $425 million of which was securitized. The securitized portion of that loan was paid off this month, according to data from research firm Trepp.

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EQ Office recently wrapped up a $25 million renovation of the tower.

Meanwhile, tenants recently have signed a string of new leases following the property’s repositioning.

Hedge Fund Exodus Point Capital is expanding to 35,700 square feet. BTIG Partners, a financial services broker-dealer, took on 65,000 square feet and global asset manager PineBridge Investments recently inked a deal for 57,000 square feet.

Meanwhile, Morgan Stanley last week provided $215 million to Heatherwood Luxury Rentals to refinance the 58-story Tower 28, a luxury rental building in Long Island City.