Brookfield Property Partners secured a $224 million refinancing on its Battery Park City office tower.
Standard Chartered Bank provided the debt on the waterfront property at 300 Vesey Street — also known as 1 North End Avenue.
Brookfield acquired the 15-story building in 2013 for $200 million, and incorporated it into the sprawling Brookfield Place campus.
The refinancing replaces an existing $180 million mortgage on the building — and adds $44 million of new debt, according to the loan document. Brookfield declined to comment.
The Skidmore, Owings and Merrill-designed tower was developed in 1996 for the New York Mercantile Exchange, which remains as a tenant. In addition to offices, the 559,000-square-foot building features Skylight on Vesey, a 30,000-square-foot event space with a 37-foot ceiling converted from a trading floor.
In April, Brookfield Asset Management reached an agreement to take its Covid-dinged real estate arm private by acquiring all of Brookfield Property Partners’ outstanding shares in a deal worth $6.5 billion. The move took Brookfield’s real estate wing off the public markets and away from scrutiny of analysts, investors and short sellers who had questioned its asset valuation.
Business News Governmental News Finance News