Rob Speyer

In a year that saw an uptick in commercial real estate transaction activity overall, Tishman Speyer played a crucial role in bringing confidence back to key segments of the market.

In late 2024, the Manhattan-based owner and developer began securing more than $6 billion of commercial mortgage-backed securities (CMBS) refinancings in under three months for two high-profile Manhattan office properties following years of uncertainty for both the office sector and the CRE securitization market.

Tishman Speyer landed a $3.5 billion CMBS refinance for its Rockefeller Center office complex in October that marked the largest-ever single-asset, single-borrower (SASB) office deal. Bank of America and Wells Fargo co-originated the historic transaction, which drew such strong investor demand that it closed with a fixed interest rate of 6.23 percent, down from its 6.5 percent starting point. 

The deal turned out to be mere prequel. In January 2025, Tishman Speyer sealed another massive CMBS refi with a $2.85 billion SASB deal for The Spiral, its office tower in Manhattan’s Hudson Yards that opened in 2023. A consortium led by J.P. Morgan Chase alongside Bank of America, Goldman Sachs and Wells Fargo originated the financing for the 66-story building, which served as another positive indicator for the CMBS market after years of sluggish activity and for the office sector. 

The Spiral continued its leasing momentum last year, too, and is now 94 percent occupied. Tishman Speyer inked a 301,276-square-foot lease with private equity firm TPG in October and a 35,400-square-foot expansion from HSBC in June, two years after closing a 20-year lease from the global bank for 265,000 square feet.

On the development front, Tishman Speyer was busy over the last year with, among other projects, the near completion of its 60-story all-electric headquarters building for J.P. Morgan Chase at 270 Park Avenue. Slated for completion in late 2025, the tower will house around 1,500 employees from the global investment bank and be one of the largest new Class A towers in the U.S. since 2020.