Five Manhattan West/photo credit: Laurian Ghinitoiu
NEW YORK CITY—Brookfield Property Partners secured a $1.15-billion refinancing deal for its 5 Manhattan West office building here.
The building ownership, which includes partner Qatar Investment Authority, secured the loan from German bank Landesbank Baden-Wurttemberg, according to property records cited by the Commercial Observer.
The deal, which reportedly closed on March 28, replaces and consolidates $570 million in financing from Wells Fargo with a new $580 million loan. The new loan for the 16-story, 1.8-million-square-foot building is backed by Brookfield's properties at 450 West 33rd St., 368 10th Ave. and a lot on West 31st Street.
The building recently underwent a $350-million renovation. The property's office space is now 99% leased. Amazon recently signed a 360,000 square-foot lease. Other tenants include JP Morgan, R/GA, and Markit.
Last September, Amazon announced it was leasing 360,000 square feet at 5 Manhattan West, taking the entire sixth and seventh floors and portions of the eighth and 10th floors at the property.
Retailer Peloton has signed two leases totaling more than 30,000 square feet at 5 Manhattan West, according to the Commercial Observer. The transactions involve 26,400 square feet for a studio and nearly 6,000 square feet for office space. Newmark Knight Frank reportedly represented Peloton, while JLL handled lease negotiations for Brookfield.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
