NEW YORK CITY — Tishman Speyer has received a $2.9 billion refinancing for The Spiral, a 66-story office tower in Midtown Manhattan. JPMorgan Chase provided the five-year, fixed-rate CMBS loan with Bank of America, Goldman Sachs and Wells Fargo serving as co-lenders.
Tishman Speyer began developing the 2.8 million-square-foot tower, which was designed by BIG-Bjarke Ingels Group, in June 2018. The Spiral opened its doors in 2023 and is currently 94 percent leased, with the 23rd and 24th floors devoted to the firm’s co-working platform dubbed Studio.
The building is anchored by biopharmaceutical company Pfizer and serves as the U.S. headquarters of HSBC, a British bank and financial services group. NewYork-Presbyterian’s Och Spine outpatient center and HSBC’s flagship wealth center occupy the base of the tower. Additional tenants include TPG Global, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction and Marshall Wace.
The Spiral offers shared amenities including ZO Clubhouse, an amenity center and lounge on the top floor, a conference center and outdoor terraces with a green pathway that wraps around the façade of the building. The clubhouse features panoramic views of New York City, food and beverage services and multiple spaces for meetings, conferences and events.
The Spiral also offers street-level restaurant space occupied by tenants including Papa San, a restaurant showcasing Peruvian-Japanese cuisine, as well as two new dining concepts from Michelin-starred chef Gabriel Kreuther.
Tishman Speyer has now secured roughly $6.4 billion in refinancings on two New York City office properties in the past three months. On Oct. 18, 2024, the locally based developer received a $3.5 billion CMBS loan for its Rockefeller Center campus.
“We are exceptionally proud of The Spiral and pleased to deliver value for our investors,” said Rob Speyer, CEO of Tishman Speyer. “Together, The Spiral and Rockefeller Center demonstrate that premier properties with the right amenities, strong occupancy and established sponsors continue to outperform the market.”
Since its founding in 1978, Tishman Speyer has acquired, developed and operated 560 properties totaling 227 million square feet, with a combined value of nearly $128 billion.
— Channing Hamilton