Brookfield Lands $750M for Lower Manhattan Tower

Brookfield Properties Secures $750 Million Refinancing for One Liberty Plaza in Lower Manhattan

Brookfield Properties has successfully secured a $750 million refinancing deal for One Liberty Plaza, a prominent 2.3 million-square-foot office high-rise located in Lower Manhattan. The financing was provided by multiple lenders, including Morgan Stanley, who offered a long-term loan for the property.

This recent refinancing comes after the previous debt of $850 million, which was obtained in 2017 and originated by Morgan Stanley Bank. Last year, Brookfield acquired a 49 percent interest in the asset from co-owner Blackstone for $1 billion, marking a significant transaction in the real estate market.

One Liberty Plaza, a LEED Gold-certified high-rise, has been a notable presence in the Manhattan skyline since its completion in 1973. The building features floorplates averaging about 45,000 square feet, 20,000 square feet of retail space, a fitness center, and multiple event spaces. The owner has plans to implement various capital investments to enhance the building further.

With tenants like Newmark, Cambridge University Press & Assessment, Avon, and FAIRCO, the occupancy rate at One Liberty Plaza has remained consistently high, averaging 95 percent over the last two decades. Situated at 165 Broadway in the Financial District, the tower is conveniently located near the Fulton St. subway station and within walking distance of the World Trade Center.

Despite economic challenges impacting the real estate industry, large refinancing deals like this one are still closing. In April, L&L Holding Co. secured $911 million for 425 Park Ave., while a joint venture between SL Green Realty Corp. and Vornado Realty Trust obtained a two-year extension for the $1.1 billion securitized mortgage on 280 Park Ave. These transactions demonstrate the resilience and continued activity in the commercial real estate market.