Tishman Speyer announced that the firm has refinanced The Spiral Manhattan office tower with a $2.85 billion CMBS loan. The five-year, fixed-rate loan is led by JPMorgan Chase with Bank of America, Goldman Sachs, and Wells Fargo serving as co-lenders. Located at 66 Hudson Boulevard, The Spiral is 94% leased two years after its opening.
Tishman Speyer has now successfully secured nearly $6.4 billion in refinancings on two marquee New York City office properties in less than three months. On October 18, 2024, Tishman Speyer closed on a $3.5 billion CMBS loan for its Rockefeller Center campus, the largest issuance ever for a single office asset.
“We are exceptionally proud of The Spiral and pleased to deliver value for our investors,” said Tishman Speyer CEO Rob Speyer. “Together, The Spiral and Rockefeller Center demonstrate that premier properties with the right amenities, strong occupancy and established sponsors continue to outperform the market.”
Tishman Speyer commenced construction on the 2.8 million-square-foot Spiral in June 2018, shortly after announcing that Pfizer, the world’s pre-eminent biopharmaceutical company, would anchor the project. Tishman Speyer has subsequently filled the tower with companies from a wide array of industries, including HSBC, TPG Global, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction and Marshall Wace.
Designed by BIG-Bjarke Ingels Group, The Spiral rises 1,031 feet and features a cascading series of landscaped terraces as its signature element. The terraces ascend one per floor in a spiraling motion to create a unique, continuous green pathway that wraps around the façade of the tower, supplying its occupants with readily accessible fresh air and outdoor space.
The Spiral, Courtesy of Tishman Speyer
