JLL’s Capital Markets Group has arranged a $1.125 billion refinancing for 3 Bryant Park, a 1.2 million square-foot, trophy office tower located in the Bryant Park area of Midtown.
JLL represented the owner, Ivanhoé Cambridge (the real estate group of CDPQ), as well as Hines, which serves as the asset manager and property manager, to arrange the refinancing led by Wells Fargo, Bank of America and Bank of Montreal.
3 Bryant Park has received continued capital investment from sponsorship since taking ownership, including the introduction of a brand-new amenity offering this year. Currently 97.2% leased, 3 Bryant Park is home to major tenants including Salesforce, Stifel, Dechert LLP, US Bank, Lloyds Bank and Standard Chartered.
The 42-story tower offers its tenants amenities including direct Bryant Park access, on-site Whole Foods and Equinox-anchored retail, a sprawling outdoor plaza with over 16,000 square feet of public space, a new conference center and a sky lobby with a coffee bar. The property also features a diverse array of dining options including Valbella, Shake Shack and Rosetta Bakery.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Drew Isaacson, Managing Director Lauren Kaufman and Directors Jennifer Zelko and Christopher Pratt.
“The successful refinancing of a globally renowned trophy office such as 3 Bryant Park signals a shift in market perception and offers an optimistic outlook for the future,” said Peck. “The property’s exceptional tenant roster, prime location and record utilization have positioned this transaction as arguably the most significant office refinancing of its scale in the post-pandemic era.”
