With Condé Nast’s old space re-leased, Durst lands $900M refi in Times Square
Money is from JPMorgan Chase and Wells Fargo
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