Vornado Realty Trust has completed a $525-million refinancing of One Park Ave., its 945,000-square-foot Class A office building in Midtown Manhattan. The REIT previously refinanced the property in February 2021, at which time it owned a 55% stake in the property.
The new loan replaces the previous $525-million loan that was originated by Deutsche Bank and bore interest at SOFR plus 1.22% and was scheduled to mature in March 2026. The interest-only loan carries a rate of SOFR plus 1.78% and matures in February 2031, as fully extended.
Wells Fargo, Morgan Stanley Bank, Goldman Sachs and PNC Bank originated the note, according to Kroll Bond Rating Agency. The floating-rate loan has an initial two-year term with three one-year extension options. KeyBank National Association is the special servicer, while Computershare Trust Co. is the trustee.
Built in 1925, the 20-story One Park Ave. is now 100% owned by Vornado. New York University leases approximately 74% of the space. The refi follows last month’s $310-million financing for the Moinian Group’s 535-545 Fifth Ave.
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