2 Manhattan West Lands $1.9B CMBS Loan

The commercial mortgage-backed securities (CMBS) market is warming up to Manhattan’s Midtown office market in the height of spring.

A joint venture between Brookfield and the Qatar Investment Authority (QIA) has secured a $1.9 billion CMBS loan to refinance its 2 Manhattan West property that debuted in 2023. The Wells Fargo-led deal follows a $1.8 billion CMBS refi Soloviev Group landed for its 50-story office tower at 9 West 57th Street.

The back-to-back nCMBS loans, each nearly $2 billion, reflect continued momentum for certain office assets in strong locations like Midtown Manhattan, according to David Putro, senior vice president and sector lead at Morningstar Credit Analytics. 

“While there is still a high level of distress in legacy office loans, pricing on top-tier office has stabilized and become a very favorable subsector for investors,” Putro said. “I think commercial real estate in general is viewed as a safe haven among all the tumult with geopolitical issues.”

Crain’s New York Business was first to report on the 2 Manhattan West refi, which will net a cash return of $273 million for Brookfield and QIA. 

The 10-year loan priced at 107 basis points over the 10-Year Treasury yield at a 5.53 percent coupon, according to Brookfield. 

The 58-story 2 Manhattan West building is 96.3 percent leased as of April 2026 with average gross rents of $132 per square foot, according to an S&P Global Ratings analysis of the CMBS deal. The 2 million square-foot Hudson Yards  property’s five largest tenants include asset management firm D.E. Shaw & Company, accounting firm KPMG, law firm Cravath, Swaine & Moore, law firm Clifford Chance and Argentine bank Banco Bilbao Vizcaya Argentaria.

Representatives for Brookfield, QIA and Wells Fargo did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.