Tishman Speyer Extends $485M Loan At 300 Park Ave.
Tishman Speyer has modified the $485M loan on 300 Park Ave., a 26-story, Class-A office building that is 97% leased, the New York-based real estate giant announced. The new agreement extends the loan by a year with a one-year extension option, pushing the maturity date to Aug. 6, 2025.
“Our ability to secure a two-year loan extension is a testament to the market’s faith in 300 Park Avenue and Tishman Speyer as a sponsor,” Tishman Speyer Senior Managing Director and Global Head of Debt Randall Rothschild said in a statement.
Since the start of last year, Tishman said it has secured 195K SF of leases, renewals and expansions at the property to bring it to its current occupancy.
The CMBS loan, issued in 2013 by German American Capital Corp., was sent to special serving earlier this year because it was at risk of defaulting. Representatives for the company said at the time the firm requested the transfer because of the “credit market dislocation” it wanted to work to find a “mutually beneficial extension” well in advance of the maturity.
The 770K SF building was valued at $1B when the loan was issued, but its annual revenue had dipped by more than $12M between 2021 and 2022. Trepp Senior Managing Director Manus Clancy said on Bisnow’s podcast last month that the property is “certainly” worth less now.
Green Loan Services, an arm of SL Green, was the special servicer that negotiated the extension. 300 Park was the second major Midtown office building to secure an extension in as many months. In May, Aby Rosen’s billion-dollar debt bill on the Seagram Building at 375 Park, the largest CMBS loan in the city maturing this year, was also extended.