Tishman Speyer snags extension on 300 Park Ave’s $485M loan
Firm gets another year on debt sent to special servicing
Tishman Speyer secured an extension on a $485 million loan for its office building at 300 Park Avenue months after the loan was sent to special servicing.
The firm secured an extension of its CMBS loan backed by the 26-story Midtown office tower — debt that was set to mature in August. The extension adds just one year to the maturity date, but Tishman has an option to extend it to August 2025.
The loan went into special servicing in March because of “imminent balloon/maturity default,” according to Trepp, which tracks securitized mortgages.
Tishman Speyer previously said it requested the transfer to special servicing so it could work out an extension prior to its August maturity. A special servicer is a third party that services the loan.
The 10-year loan was issued by German American Capital Corporation in 2013 at a fixed rate of 4.41 percent when the office property was valued at $1 billion, according to Trepp.
The building’s occupancy fell from 99 percent in 2018 to 75 percent in 2020 before recovering to 84 percent in 2022. The company said it is now 97 percent occupied.
Since 1980, 300 Park Avenue has been the global headquarters for Colgate-Palmolive, which once occupied about 65 percent of it — around 503,600 square feet. The building, a five-minute walk from Grand Central Terminal, was designed by Emery Roth & Sons and constructed in 1955.