Brookfield scores $224M refi on Battery Park office tower
Standard Chartered Bank provided debt on 300 Vesey
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.