Tishman Speyer Snaps Up $40M Mezz Loan on New York’s One Dag

Things are about to get “mezzy” for Tishman Speyer. 

The firm’s debt platform just purchased the $40 million mezzanine loan on One Dag Hammarskjöld, Commercial Observer can first report. 

The transaction follows 601W Companies and David Werner Real Estate Investments’ purchase this month of the 50-story office building near the United Nations on Manhattan’s East Side. J.P. Morgan provided a $215 million whole loan for the acquisition, which included the $40 million mezz component now purchased by Tishman. 

“One Dag presented a compelling opportunity to invest in a premier quality U.N.-adjacent asset at a compelling basis for an experienced institutional sponsor,” Randall Rothschild, Tishman Speyer’s global head of debt, said in a statement. “This loan further reflects Tishman Speyer’s continued confidence in the Manhattan office sector and our ability to invest in its future through multiple platforms.”

Located at 885 Second Avenue, between the U.N. and Grand Central Terminal, One Dag was designed by Emory Roth & Sons and spans a full block between East 47th and East 48th streets. Its tenants today primarily include consulates and permanent missions to the U.N., while its retail level is anchored by Whole Foods and L.A. Fitness. 

News started to leak in December that 601W and David Werner were close to finalizing a purchase of the 817,000-square-foot Midtown office tower from Rockpoint. Trading at a $270 million sales price, the asset changed hands for less than half the $566 million price tag Rockpoint paid for it in 2019, The Real Deal reported at the time.

The deal, finalized this month, marks the first pure-play office acquisition for Werner, who’s completed several office-to-resi conversions with Nathan Berman’s MetroLoft Management in Manhattan, including 205 East 42nd Street, 675 Third Avenue and 235 East 42nd Street, along with 100 Wall Street.

Tishman launched its credit arm in 2024, hiring Amit Rustgi from PIMCO to lead originations, reporting to Rothschild. The firm made its first loan in 2025, and today is focused on new originations — across asset classes and up and down the capital stack, from whole loans to subordinate debt to preferred equity to construction loans —and also acquiring individual loans and loan portfolios in the secondary market. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.