Commercial
New York
Brookfield’s One Liberty value slashed by $500M
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Brookfield lands huge refi for 1 Liberty Plaza
Investment giant secures loan from Morgan Stanley after buying minority stake in property from Blackstone
A photo illustration of Brookfield’s Brian Kingston along with 1 Liberty Plaza (Brookfield, Google Maps)
Brookfield scored a $750 million refinance loan for 1 Liberty Plaza in Manhattan’s Financial District.
The investment giant secured the loan for the 2.3-million-square foot tower from Morgan Stanley, according to PincusCo, who first reported the news. The debt replaces a $783 million loan.
Brookfield acquired a 49 percent interest in the property from the building’s co-owner Blackstone Group at a valuation of $1 billion last year, sources told The Real Deal.
The $1 billion valuation was a sharp drop from the $1.5 billion the office tower was valued at in 2018 when Brookfield sold the minority interest to Blackstone.
The recent financing suggests that large institutional landlords are still able to secure loans, but cash-out refinancings are a thing of the past.
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Commercial
New York
Brookfield, Blackstone consider One Liberty Plaza sale
Commercial
New York
Aon is taking even more space at Brookfield's One Liberty Plaza
In early 2020, Brookfield and Blackstone sought to sell the property for $1.7 billion, but the pandemic put a damper on the office market and no sale emerged. Brookfield had previously marketed the building in 2017, hoping for about $1.6 billion.
The law firm Cleary Gottlieb put 140,000 square feet up for sublease at 1 Liberty in 2021. Other tenants at the building include consulting firm Aon and media company Business Insider, which moved its headquarters there in 2017.