Brookfield lands huge refi for 1 Liberty Plaza

Investment giant secures loan from Morgan Stanley after buying minority stake in property from Blackstone

Brookfield Lands Huge Refi for 1 Liberty Plaza

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. 

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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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Brookfield's Bruce Flatt and One Liberty Plaza at 165 Broadway (Brookfield, Getty, Loopnet)
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Brookfield’s One Liberty value slashed by $500M
Brookfield Property Group’s Brian Kingston, Blackstone Group's Jonathan Gray and 1 Liberty Plaza (Credit: Google Maps)
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Brookfield, Blackstone consider One Liberty Plaza sale
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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. 

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