Tishman Speyer Nearing $2.9B Refi Of The Spiral

Just three months after securing a $3.5B CMBS loan for Rockefeller Center, Tishman Speyer is on track to do it again.

Courtesy of Tishman Speyer

Tishman, alongside Henry Crown, is set to refinance The Spiral with a $2.85B loan package in a deal scheduled to close later this month.

The financing will allow the developer to pay off debt, as well as cash out with nearly $1B in equity, according to a Fitch Ratings report.

Today's Rundown

Developers Chosen To Redevelop Abandoned Kingsbridge Armory In The Bronx. Maddd Equities and Joy Construction have been tapped to redevelop the abandoned Kingsbridge Armory. Plans include a community facility and 450 units of affordable housing. Read more.
Williams Equities Acquires 470 Park Ave. S. For $100M Less Than It Last Sold For. The 300K SF loft-style office tower last changed hands for $245M in 2018, with the sellers in this week's deal, SJP Properties and PGIM Real Estate, taking a haircut. Read more.
CBRE Signs Deal To Open New Global Financial HQ On Park Avenue. The world’s largest commercial real estate services firm is establishing a global financial headquarters at Lever House, a 21-story midcentury modern office tower. The lease comes with a unique structure in a deal with Industrious. Read more.
Manhattan Office Market Closes 2024 With Most Active Quarter In 5 Years. Office landlords and tenants signed a total of 10.2M SF of leases in Manhattan in the final three months of 2024, according to new Colliers data, setting the stage for continued uptake. Read more.

What Else Is Happening?

REPORT: JPMorgan To Call The Rest Of Its Staff Back 5 Days A Week

After Heavy Credit Focus, Invesco Real Estate Eyeing Equity Deals In 2025

Real Estate Bottomed Out In 2024. The Next Cycle Will Be Hard, But Rewards Could Be Huge

Treasury Begins Process To Unwind Fannie, Freddie Oversight

The Finish Line

If you haven’t noticed, we’ve leaned into the “new year, new me” expression.

We’ll be coming at you with The Rundown, which you are reading now, every Tuesday and Thursday. Hopefully you received The Slice, our new Monday evening newsletter, yesterday. But don’t fret, our Morning Briefs remain the same.

Love it? Hate it? Let us know!

The New York City Rundown is written by New York Reporters Sasha Jones and Ciara Long and edited by Deputy Managing Editor Ethan Rothstein. We’d love your feedback and news tips: sasha.jones@bisnow.com and ciara.long@bisnow.com.

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