Bank of New York Mellon Provides $150M Refi Package for Lever House

One of New York City’s prime architecture and office landmarks just got a new round of financing. 

Lever House, the historic International-style glass office tower that spans 270,000 square feet on Park Avenue in Midtown Manhattan, has secured a $150 million refinancing package, Commercial Observer can first report.  

Brookfield Properties and WatermanCLARK, who acquired the iconic property in May 2020, are the sponsors. 

The joint venture partners have since invested $100 million to renovate and restore the historic property, which opened in 1950 and was designated a New York City landmark in 1982. 

Bank of New York Mellon provided the new round of financing, sources said, while CBRE’s Tom Rugg, Tom Traynor, Mark Finan and Henry Fenmore arranged the transaction. 

Located at 390 Park Avenue, Lever House ushered in a new architectural aesthetic across Park Avenue, where brick and masonry apartment buildings would later be replaced by modern, glass-sheethed office towers like Lever House, The Seagram Building, 345 Park Avenue and 450 Park Avenue. 

The office building is 100 percent leased, with tenants that include The Northern Trust Company and Quantum Energy Partners. 

During a Dec. 10 announcement on the building’s new full occupancy metric, Lauren Young, managing partner at Brookfield Real Estate, credited her firm’s investment and revitalization into the property for repositioning Lever House to succeed into the 21st century. 

“The success of Lever House showcases yet again that with an extremely desirable location and one of New York’s most iconic buildings, the right investments can take a property to the next level and attract leading firms that value excellence,” she said. 

CBRE declined to comment, as did Brookfield Properties and WatermanClark. 

Brian Pascus can be reached at bpascus@commercialobserver.com.