Wells Fargo Lends $530M Construction Package for Brookfield’s 1 Manhattan West
By Mack Burke July 31, 2018 6:35 pm
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Wells Fargo has provided a $530 million package to Brookfield Property Partners to finance construction on its massive office skyscraper 1 Manhattan West, according to records filed today with the New York City Department of Finance.
The package includes a $450 million building loan and a $80 million project loan, records show. The New York Industrial Development Agency is also listed in records alongside Brookfield (BN). The deal closed on July 27.
The planned 67-story, 2.1 million-square-foot office building—with an alternate address of 401 Ninth Avenue—is part of Brookfield’s Manhattan West, which will feature six buildings, totaling seven million square feet of office, residential and hotel space as well as a large public, landscaped plaza.
In January, London-based accounting conglomerate EY expanded its footprint at the under-construction 1 Manhattan West to 675,000 square feet. The firm—formerly known as Ernst & Young—inked an additional 71,000 square feet in a deal that came just two months after it finalized its roughly 600,000-square-foot lease in November 2017, as CO previously reported.
EY will take the sixth through 22nd floors at the office tower on a lease that will run to May 2037, EY Partner Megan Hobson told CO at the time, with the company slated to move into the space at an unspecified date after the building’s completion in early 2019.
A spokeswoman for Wells Fargo did not immediately return a request for comment on the deal. A representative of Brookfield was not immediately available for comment.
