Ivanhoé Cambridge, Hines Land $1.13B CMBS Loan for 3 Bryant Park
By Andrew Coen February 10, 2025 2:08 pm
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Canadian real estate company Ivanhoé Cambridge has secured a $1.125 billion refinance for its 3 Bryant Park office tower in Midtown Manhattan.
The building’s owner along with Hines, the asset manager for the 41-story property, inked the large commercial mortgage-backed securities (CMBS) loan in a deal led by Wells Fargo, Bank of America and Bank of Montreal.
JLL (JLL) arranged the transaction with a capital markets team led by Christopher Peck, Drew Isaacson, Lauren Kaufman, Jennifer Zelko and Christopher Pratt, the firm announced Monday.
“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,” Peck said in a statement. “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.”
3 Bryant Park sits directly across Avenue of Americas from Bryant Park, running the full block from West 42nd and West 41st streets. The 1.2-million-square-foot tower, acquired by Ivanhoé Cambridge in 2015 for $2.2 billion, is currently 97.7 percent leased, according to JLL. Anchor tenants include Salesforce, Stifel, Dechert, US Bank, Lloyds Bank and Standard Chartered. Whole Foods leases ground-floor retail space.
The NYC Commercial Mortgage Trust 2025-3BP single-asset, single-borrower CMBS transaction priced at floating interest rate of the Secured Overnight Financing Rate plus 2.25 percent with interest-only payments due through the loan term, according to Morningstar.
Morningstar noted in a Feb. 4 presale report that Salesforce is the building’s largest tenant with 20.6 percent of net rentable area (NRA) as part of lease that expires in April 2029. Law firm Dechert represents 17.8 percent of the building’s NRA with a lease slated to expire in 2035 and has invested roughly $45 million of equity into its office space, according to Morningstar.
Officials for Ivanhoé Cambridge and Hines did not immediately return requests for comment.
The 3 Bryant park loan adds to an active beginning to the CMBS markets this year. The MetLife Building is poised for a $1.5 billion refi this month, on the heels of Tishman Speyer landing a $2.85 billion loan for The Spiral office tower in Manhattan’s Hudson Yards in early January.
Andrew Coen can be reached at acoen@commercialobserver.com.
