David Werner Taps JPMorgan For One Dag Hammarskjöld Plaza

David Werner tapped JPMorgan to finance his deal for One Dag Hammarskjöld Plaza.

The bank provided David Werner Real Estate Investments with a $250 million loan to close his purchase of the 50-story office tower, The Real Deal has learned.

Werner, one of the biggest buyers of discounted office buildings in recent years, bought the 870,000-square-foot office tower for $270 million from Rockpoint Group — about half the price the seller paid for the building in 2019.

Werner plans to invest another $60 million into upgrading and leasing the tower (which is nearly 30 percent vacant), bringing the total capitalization to north of $330 million.

For JPMorgan, the deal represents a big office loan at a time when banks are increasingly getting back into lending on commercial real estate.

Representatives for Werner and JPMorgan did not immediately respond to requests for comment.

A Newmark team led by Jordan Roeschlaub and Nick Scribani arranged the financing, while Adam Spies and Adam Doneger brokered the sale.

One Dag, built in 1972, stands at 885 Second Avenue near the United Nations Headquarters and has long been home to various consulates and permanent missions.

Tenants include Memorial Sloan Kettering, the United Nations and the Republic of Germany.

“One Dag is strategically positioned among several iconic Class A office assets boasting an average occupancy of 90 percent in the Midtown East market,” read a marketing memo from Newmark, which noted the building recently received more than $20 million in capital improvements.

Rockpoint had paid $566 million for the tower in 2019, financed with a $430 million loan from Wells Fargo and Brookfield.

One Dag is the latest building Werner scooped up at a big discount. Last year he bought 440 Ninth Avenue in Hudson Yards for a little over $100 million, which traded seven years earlier for $269 million. Only a few months ago Werner was in contract to buy 311 West 43rd Street at a price a little north of $40 million, about a third what seller DivcoWest paid in 2018.