NEW YORK CITY — Fisher Brothers and Blackstone Real Estate have received $850 million in CMBS debt for the refinancing of 1345 Avenue of the Americas, a 50-story office tower in Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase and Citibank provided the debt to the locally based co-investors.
The refinancing was executed as part of a larger recapitalization of the 2 million-square-foot building, which also saw funds backed by Blackstone acquire a 46 percent interest in the property at a valuation of $1.4 billion. Fisher Brothers also increased its majority ownership of the asset as part of the transaction.
The building was 92 percent leased at the time of the loan closing, with nearly 1.1 million square feet of leases signed since 2023. Tenants include the Intercontinental Exchange, Equitable Financial, Fortress Investment Group and law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Fisher Brothers completed a $120 million capital improvement project at 1345 Avenue of the Americas in 2021. Designed by Skidmore, Owings & Merrill, the project upgraded the building’s exterior, redesigned the lobby with touchless elevators and added a new amenity floor with flexible meeting space, a tenant lounge, wellness center and an indoor terrarium.
“The completion of the $850 million refinancing package enables us to continue to strategically invest in the asset, while simultaneously increasing our ownership stake in the building,” says Winston Fisher, partner at Fisher Brothers. “We remain bullish on the long-term Manhattan investment opportunity, which has been the hallmark of our family’s business for more than a century.”
— Taylor Williams