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Tishman Speyer’s mixed-use redevelopment of a project that includes Downtown Brooklyn’s Macy’s store and more than 600K SF of office space has secured a $301M refinancing deal.
Starwood Property Trust provided the new financing, The Real Deal first reported. That is the same amount Starwood loaned in 2021.
“Tishman Speyer and Starwood Property Trust have worked collaboratively on a refinancing for the Wheeler,” a Tishman spokesperson confirmed to Bisnow.
Also dubbed The Wheeler, the Macy's project consists of a cast-iron structure, a 12-story 1929 Art Deco building and a nine-story 1940 addition, tied together with a modern 10-story addition. The redevelopment yields 620K SF of office space, 255K SF of which is occupied by St. Francis College.
In 2020, Whittle School & Studios inked a lease to occupy the entirety of the office space, but that never materialized. The remainder of the office space is currently vacant.
The mixed-use campus at 422 Fulton and 181 Livingston Streets was completed in 2020. It marked Tishman’s first foray into Brooklyn. Two years later, the developer also opened its nearby luxury residential tower, 11 Hoyt.
The original 143-year-old structure the project is centered around was the home of the Abraham & Straus flagship department store. After being acquired by Federated Department Stores in 1994, most Abraham & Straus stores were converted to Macy's, Stern's or Bloomingdale's locations.
At The Wheeler, Tishman partnered with Macy’s to rehabilitate the location.
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