Manhattan Office Market Scored Big CMBS Deals in October

25 November 2025

Lenders poured billions into Manhattan office towers in October, originating almost $4 billion in CMBS debt.

Five office towers landed the month’s largest financing deals, led by a pair of trophy towers owned by Brookfield Properties. Both loans — for 5 Manhattan West at Hudson Yards and 660 Fifth Avenue in Midtown — cleared the billion-dollar mark.

Lenders leaned heavily on trophy assets with strong tenancy, recent renovations and deep-pocketed owners. Other deals ranged from CMBS loans backing Class A towers to an owner-originated loan that helped facilitate a major Midtown acquisition.

Here are more details.

Manhattan West windfall | $1.25B | Hudson Yards

Citi Real Estate Funding, Bank of Montreal, Deutsche Bank, JPMorgan Chase and Societe Generale originated a $1.25 billion CMBS loan for Brookfield Properties’ 5 Manhattan West, a 1.7 million-square-foot trophy office tower at 450 W. 33rd Street. The loan matures in five years and has a fixed interest rate of 6 percent. The 16-story building, which has undergone major renovations, is part of Brookfield’s five-building Manhattan West megaproject. The development also includes two other office buildings, a retail building, a garden and plaza, and a 62-story, 844-unit residential tower called the Eugene. Tenants include Amazon and JPMorgan Chase, which opted to triple its space at the property back in 2017. Whole Foods also leases 60,000 square feet of retail space at the property.

Tower turnaround | $1.21B | Midtown

Citi Real Estate, Barclays, ING Capital, Bank of America and Santander Bank originated a $1.2 billion CMBS loan for Brookfield Properties’ recently redeveloped office tower at 660 Fifth Avenue. The lenders also provided an $89.4 million mezzanine loan, per Morningstar, which appraised the 1.3 million-square-foot, 39-story trophy tower at nearly $2 billion. The interest-only CMBS loan has a two-year term with three one-year extension options. Proceeds will go toward repaying previous debt, including a $750 million loan from ING Group and a $300 million mezzanine loan from Apollo Global Management. Brookfield spent $400 million rededeveloping and modernizing the 1950s building, formerly known as 666 Fifth Avenue.

Liberty loan | $900M | Financial District

JPMorgan Chase, German American Capital and Goldman Sachs originated a $900 million CMBS loan for Fosun International’s 28 Liberty, a 2.1 million-square-foot office tower in Manhattan’s Financial District. The refi follows a 140,000-square-foot lease expansion by Stripe that helped bring the property to 93 percent occupancy. The three-year loan refinances $895 million in existing debt. Fosun, which bought the former Chase Manhattan Plaza for $725 million in 2013, will contribute $78 million in fresh equity to close the transaction, Crain’s reported. The 2 million-square-foot property was recently appraised at $1.35 billion. Tenants have inked 14 new lease deals totaling 438,000 square feet since early 2024 at the building once hobbled by high vacancy after losing Milbank to Hudson Yards, per Cushman & Wakefield.

Midtown momentum | $570M | Times Square

JPMorgan Chase, German American Capital and Wells Fargo Bank originated a $507 million CMBS loan for 11 Times Square, a 40-story, 1.1 million-square-foot office and retail building owned by A joint venture of PGIM Real Estate, Norges Bank Investment Management and SJP Properties. The two-year, floating-rate, interest-only loan has three one-year extension options, according to Fitch. The landlords will chip in $42.8 million in equity. The 2011 building is about 87 percent occupied, according to Fitch. Tenants include law firm Proskauer Rose and Microsoft. Last year, British company PATH Entertainment Group inked a 50,000-square-foot lease for a long-vacant retail space, where it’s planning to open an immersive experience.

Norges notch | $372M | Times Square

A joint venture between Norges Bank Investment Management and Beacon Capital Partners provided a $372 million loan for their own purchase of 1177 Sixth Avenue. The JV bought the 47-story, 1 million-square-foot office building for $571 million from Silverstein Properties and the California State Teachers’ Retirement System. Norges — a sovereign wealth fund for Norway’s government pensioners — is taking a 95 percent ownership interest, while Beacon is picking up the remaining stake. The deal for the building breaks down to $571 per square foot. Incoming ownership is expected to maintain the property as an office building.