Tishman Speyer, Silverstein Properties finalize $330m refinancing of NYC office tower

Tishman Speyer and Silverstein Properties have finalized a $330 million refinancing of their class A office tower at 11 West 42nd Street in Midtown’s prestigious Bryant Park district.

Bank of America served as the lead lender on the new five-year fixed-rate loan, and Taconic Capital is serving as mezzanine lender. The proceeds will be used to retire 11 West 42nd Street’s existing debt and fund the costs of the building’s ongoing leasing program.

“This loan demonstrates that the capital markets are open and available for well-located, high-quality office assets with strong sponsors and solid customer bases,” said Randall Rothschild, Tishman Speyer senior managing director and global head of debt.

Tishman Speyer and Silverstein have secured more than 321,000 square feet in new leases and expansions over the past two years