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New York & Tri-State  + Midtown New York + New York  + Finance  | 

JPMorgan Chase Leads $950M Refi on Midtown Tower Owned by Vornado and Trump

JPMorgan Chase is leading a $950-million refinancing on 1290 Ave. of the Americas, a 2.1-million-square-foot Midtown Manhattan office tower, according to a Kroll Bond Rating Agency report. The tower is owned in a 70/30 partnership between Vornado Realty Trust and former president Donald Trump. 

The financing is being securitized in a single-borrower CMBS deal, NYO 2021-1290. The floating rate loan has an initial two-year term with five, one-year extension options and requires monthly interest-only payments based on one-month LIBOR, KBRA reported.  

As of this month, the 43-story tower was 98% leased to 25 tenants inclusive of recent leasing, KBRA reported. The five largest tenants at 1290 Sixth Ave. include Axa Equitable Life Insurance, Neuberger Berman, Cushman & Wakefield, Venable LLP and Hachette Book Group, which together account for 66.6% of total base rent. 

Citigroup, Goldman Sachs and Bank of Montreal are also participating in the financing, according to KBRA. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing