Tishman Speyer Successfully Refinances $2.85 Billion for Iconic Manhattan Tower

Tishman Speyer Refinances The Spiral

Tishman Speyer, a prominent player in the U.S. real estate space, recently announced a remarkable achievement in the financial realm: the successful refinancing of The Spiral office tower for $2.85 billion. This significant sum was secured through a Commercial Mortgage-Backed Securities (CMBS) loan and marks a notable milestone for the firm as it continues to redefine urban workplaces in New York City.

Located at 66 Hudson Boulevard, The Spiral has gained recognition not just for its size but also for its innovative design and strategic location. The 2.8 million-square-foot architectural marvel is now 94% leased, just two years post-opening, demonstrating a strong demand for high-quality office space in Manhattan.

The financing is primarily led by JPMorgan Chase, with co-lending support from major financial institutions, including Bank of America, Goldman Sachs, and Wells Fargo. This effort culminates a busy period for Tishman Speyer, which has refinanced nearly $6.4 billion in Manhattan office properties in under three months. Its previous achievement, a $3.5 billion CMBS loan for the iconic Rockefeller Center campus, underlines the firm’s robust position in the real estate market.

Rob Speyer, CEO of Tishman Speyer, expressed his pride in the accomplishment, stating, "We are exceptionally proud of The Spiral and pleased to deliver value for our investors. Together, The Spiral and Rockefeller Center demonstrate that premier properties with the right amenities, strong occupancy, and established sponsors continue to outperform the market."

The Spiral, designed by the renowned BIG-Bjarke Ingels Group, stands as a testament to modern architectural design. One of its most powerful features is the cascading terraces that spiral up the building, creating not just a distinctive aesthetic but also providing much-needed green space in an urban setting. Each terrace is accessible, offering tenants outdoor spaces that allow for fresh air and unique views of the city skyline.

Among the notable tenants of The Spiral is Pfizer, the global biopharmaceutical leader, which was critical in anchoring the project. Other distinguished companies, including banking giant HSBC, TPG Global, and law firm Debevoise & Plimpton LLP, have also made their home in this stunning skyscraper, reflecting the tower's appeal across various industries.

In addition to office space, The Spiral brings luxury amenities to the forefront with the ZO Clubhouse—an exclusive lounge offering panoramic views, a restaurant run by the acclaimed chefs behind Llama San and Llama Inn, and diverse meeting spaces. The building’s commitment to wellness and productivity is further evident in its comprehensive co-working solutions, including fully leased flexible office spaces managed by Tishman Speyer’s Studio brand.

Street-level vibrancy is assured through newly introduced culinary experiences, such as a Peruvian-Japanese restaurant, enhancing the appeal of The Spiral as a mixed-use destination. Furthermore, vital healthcare services from NewYork-Presbyterian are incorporated into the building's ground level, reflecting its role as a community-centric hub.

As Tishman Speyer expands its influence in global real estate, it continues to build and manage diverse assets, driven by a commitment to innovation, sustainability, and a client-centric approach. With the successful refinancing of The Spiral, Tishman Speyer solidifies its reputation as a leader in shaping future urban environments, adapting to the evolving needs of businesses and residents alike.

With a legacy that spans over four decades, Tishman Speyer has amassed an impressive portfolio that includes historic properties and modern developments alike, totaling over 227 million square feet and a staggering value nearing $128 billion. As the firm embarks on future projects, The Spiral stands as a shining example of its capability to blend visionary design with practical application, meeting the demands of today’s dynamic real estate markets.