JLL arranges $1.125B refinancing for 3 Bryant Park in Midtown Manhattan
JLL Capital Markets has arranged a $1.125 billion refinancing for 3 Bryant Park, a 1.2 million square-foot trophy office tower in Midtown Manhattan. The refinancing was led by Wells Fargo, Bank of America, and Bank of Montreal for owner Ivanhoé Cambridge and asset manager Hines.
The 42-story tower is currently 97.2% leased with prominent tenants including Salesforce, Stifel, and Dechert LLP. The property features premium amenities including direct Bryant Park access, on-site Whole Foods, Equinox-anchored retail, and a 16,000-square-foot public plaza.
Located in one of New York City's strongest submarkets, the Bryant Park area maintains a 0.8% vacancy rate for trophy office assets and commands rents approximately 50% higher than average Midtown Class A properties. JLL reports a 30% increase in lender quotes for large debt advisory transactions exceeding $100 million in H2 2024 compared to H2 2023.
JLL Capital Markets ha organizzato un rifinanziamento di 1,125 miliardi di dollari per 3 Bryant Park, un grattacielo da 1,2 milioni di piedi quadrati situato nel Midtown di Manhattan. Il rifinanziamento è stato guidato da Wells Fargo, Bank of America e Bank of Montreal per il proprietario Ivanhoé Cambridge e il gestore degli asset Hines.
Il grattacielo di 42 piani è attualmente 97,2% affittato con inquilini di rilievo tra cui Salesforce, Stifel e Dechert LLP. La proprietà offre servizi di alta qualità tra cui accesso diretto a Bryant Park, Whole Foods in loco, un'area commerciale ancorata a Equinox e una piazza pubblica di 16.000 piedi quadrati.
Situata in uno dei mercati secondari più forti di New York, l'area di Bryant Park mantiene un tasso di disoccupazione dello 0,8% per le proprietà ufficio di alta gamma e richiede affitti circa il 50% superiori alla media delle proprietà Class A del Midtown. JLL riporta un aumento del 30% nelle quotazioni dei prestatori per grandi transazioni di consulenza sul debito superiori a 100 milioni di dollari nel secondo semestre 2024 rispetto al secondo semestre 2023.
JLL Capital Markets ha organizado un refinanciamiento de 1.125 mil millones de dólares para 3 Bryant Park, una torre de oficinas de 1.2 millones de pies cuadrados en el Midtown de Manhattan. El refinanciamiento fue liderado por Wells Fargo, Bank of America y Bank of Montreal para el propietario Ivanhoé Cambridge y el gestor de activos Hines.
La torre de 42 pisos está actualmente alquilada en un 97.2% con inquilinos destacados como Salesforce, Stifel y Dechert LLP. La propiedad cuenta con servicios de primera clase, que incluyen acceso directo a Bryant Park, Whole Foods en el sitio, comercios anclados por Equinox y una plaza pública de 16,000 pies cuadrados.
Ubicada en uno de los submercados más sólidos de la ciudad de Nueva York, el área de Bryant Park mantiene una tasa de desocupación del 0.8% para activos de oficinas de lujo y exige alquileres aproximadamente un 50% más altos que los de propiedades Class A en el Midtown. JLL informa un aumento del 30% en las cotizaciones de prestamistas para grandes transacciones de asesoría de deuda que superan los 100 millones de dólares en la segunda mitad de 2024 en comparación con la segunda mitad de 2023.
JLL Capital Markets는 맨해튼 미드타운에 위치한 120만 평방피트 규모의 상징적인 오피스 타워인 3 Bryant Park에 대해 11억 2500만 달러의 재융자를 주선했습니다. 재융자는 Ivanhoé Cambridge 소유주와 자산 관리자 Hines를 위해 Wells Fargo, Bank of America, Bank of Montreal이 주도했습니다.
42층 규모의 이 타워는 현재 97.2% 임대 중이며 Salesforce, Stifel, Dechert LLP 등 유명 세입자가 있습니다. 이 부동산은 Bryant Park에 직접 접근할 수 있는 프리미엄 편의 시설, 현장 Whole Foods, Equinox가 입주한 소매점, 16,000 평방피트 규모의 공공 광장을 갖추고 있습니다.
뉴욕시에서 가장 강력한 서브마켓 중 하나에 위치한 Bryant Park 지역은 고급 오피스 자산에 대해 0.8%의 공실률을 유지하며, 미드타운의 평균 Class A 부동산보다 약 50% 높은 임대료를 자랑합니다. JLL은 2023년 하반기와 비교하여 2024년 하반기 1억 달러를 초과하는 대규모 부채 자문 거래에 대한 대출자의 견적이 30% 증가했다고 보고합니다.
JLL Capital Markets a organisé un refinancement de 1,125 milliard de dollars pour 3 Bryant Park, une tour de bureaux de 1,2 million de pieds carrés située dans le Midtown de Manhattan. Le refinancement a été mené par Wells Fargo, Bank of America et la Banque de Montréal pour le propriétaire Ivanhoé Cambridge et le gestionnaire d'actifs Hines.
La tour de 42 étages est actuellement 97,2% louée avec des locataires de renom tels que Salesforce, Stifel et Dechert LLP. La propriété dispose d'équipements haut de gamme, y compris un accès direct à Bryant Park, un Whole Foods sur place, un espace commercial ancré par Equinox, et une place publique de 16 000 pieds carrés.
Située dans l'un des sous-marchés les plus solides de New York, la zone de Bryant Park affiche un taux de vacance de 0,8% pour les actifs de bureaux de prestige et exige des loyers environ 50% plus élevés que la moyenne des propriétés Class A du Midtown. JLL rapporte une augmentation de 30% des devis des prêteurs pour les grandes transactions de conseil en dette dépassant 100 millions de dollars au second semestre 2024 par rapport au second semestre 2023.
JLL Capital Markets hat eine Refinanzierung in Höhe von 1,125 Milliarden Dollar für 3 Bryant Park arrangiert, einen 1,2 Millionen Quadratfuß großen Prestige-Büroturm im Midtown Manhattan. Die Refinanzierung wurde von Wells Fargo, Bank of America und Bank of Montreal für den Eigentümer Ivanhoé Cambridge und den Asset-Manager Hines geleitet.
Der 42-stöckige Turm ist derzeit zu 97,2% vermietet und hat prominente Mieter wie Salesforce, Stifel und Dechert LLP. Die Immobilie bietet erstklassige Annehmlichkeiten, darunter direkten Zugang zu Bryant Park, ein Whole Foods vor Ort, Einzelhandelsflächen mit Equinox sowie einen 16.000 Quadratfuß großen öffentlichen Platz.
In einem der stärksten Submärkte New Yorks weist die Bryant Park Gegend eine 0,8%ige Leerstandsrate für Prestige-Büroimmobilien auf und erzielt Mieten, die etwa 50% über dem Durchschnitt von Class A Immobilien im Midtown liegen. JLL berichtet von einem 30%igen Anstieg bei den Kreditgeber-Angeboten für große Schuldenberatungs-Transaktionen über 100 Millionen Dollar im zweiten Halbjahr 2024 im Vergleich zum zweiten Halbjahr 2023.
- Secured substantial $1.125B refinancing from major banks
- High occupancy rate of 97.2% with creditworthy tenants
- Premium location commanding 50% higher rents than Midtown Class A average
- Extremely low vacancy rate of 0.8% in the submarket
- 30% increase in large loan demand indicating market confidence
- None.
Insights
This landmark
The deal's structure reveals several key market insights: First, the
The
For JLL, this deal strengthens its position in the capital markets advisory space and demonstrates its ability to execute complex transactions in challenging market conditions. The successful refinancing also validates the importance of amenity-rich, transit-oriented office properties in maintaining value and attracting institutional capital.
Trends indicate increasing liquidity for large office loans, buoyed by ample debt capital and increased confidence in the sector
JLL represented the owner, Ivanhoé
3 Bryant Park stands out as one of
The 42-story tower offers its tenants an array of unique and locational amenities including direct Bryant Park access, on-site Whole Foods and Equinox-anchored retail, a sprawling outdoor plaza with over 16,000 square feet of meticulously designed public space, a new conference center, a sky lobby with a coffee bar, and immediate access to the 42nd Street Subway station, serving the B, D, F, M, and 7 lines. The property also features a diverse array of dining options including Valbella, Shake Shack, and Rosetta Bakery.
Bryant Park is one of the city's most frequented green spaces, attracting over 12 million visitors annually. Due to its central location, equidistant from multiple transit hubs, including Grand Central Terminal, Penn Station and the Port Authority Bus Terminal, the Bryant Park micro-market stands out as one of
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Drew Isaacson, Managing Director Lauren Kaufman and Directors Jennifer Zelko and Christopher Pratt.
"The successful refinancing of a globally renowned trophy office such as 3 Bryant Park signals a shift in market perception and offers an optimistic outlook for the future," said Peck. "The property's exceptional tenant roster, prime location and record utilization have positioned this transaction as arguably the most significant office refinancing of its scale in the post-pandemic era."
Since Q3 2024, JLL has observed a significant surge in demand for large commercial real estate loans, like 3 Bryant Park. JLL data shows a nearly
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
About Hines
Hines is a leading global real estate investment manager. The company owns and operates
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of
Contact: Kristen Murphy, Director, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@jll.com
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SOURCE JLL
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