Related Locking in $1.1B Refi for Deutsche Bank Center

20 October 2025

The owners of Deutsche Bank Center are about to secure one of Manhattan’s largest office refinancings of the year.

A joint venture that includes Related Companies along with sovereign wealth funds from Singapore and Abu Dhabi is expected to close a $1.1 billion CMBS deal by the end of October, according to Fitch Ratings. The floating-rate, interest-only loan refinances existing debt on the 1.1 million-square-foot office tower at 60 Columbus Circle and covers roughly two-thirds of its $1.65 billion appraised value, Bisnow reported.

It will carry a two-year term with three one-year extension options and will be co-originated by German American Capital Corp. and Wells Fargo, which will serve as mortgage loan sellers.

Deutsche Bank, which relocated its U.S. headquarters to the tower from Wall Street in 2021, occupies 93.5 percent of the building under a 20-year lease with an option to renew for another two decades. The property is fully leased, according to Fitch, reflecting resilience in a midtown market still navigating post-pandemic shifts in office demand.

The building — formerly the Time Warner Center before the media giant decamped to Hudson Yards — sits within the 2.8 million-square-foot Deutsche Bank Center complex overlooking Columbus Circle. Related retains a roughly 3 percent stake in the office tower, while Singapore’s GIC and the Abu Dhabi Investment Authority each hold 48.1 percent.

Representatives for the owners didn’t immediately respond to requests for comment.

The refinancing marks a turnaround from a larger $1.5 billion single-asset CMBS deal the same ownership group shelved in 2022 amid bond-market volatility. With financing conditions still tight and benchmark rates high, the successful closing of this smaller, shorter-term loan would signal improving lender confidence in trophy New York assets with stable tenancy.

The loan is slated to close Oct. 29.

Deutsche Bank Center remains one of Manhattan’s premier mixed-use properties, with its office component joined by luxury retail and the Mandarin Oriental hotel.