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New York & Tri-State  + Office  |  March 2, 2021
Paul Bubny
By: Paul Bubny

JV of Vornado, CPPIB Completes $525M Refi of One Park Avenue

A joint venture of Vornado Realty Trust and the Canada Pension Plan Investment Board has completed a $525-million refinancing of One Park Ave., a 943,000-square-foot office tower in Midtown East. Published reports say the lenders were Deutsche Bank and Barclays, which plan to securitize the loan as a single-asset, single-borrower CMBS issuance.

The interest-only loan carries a rate of LIBOR plus 1.107% (currently 1.222%) and matures in February 2026, as fully extended. It replaces the previous $300-million loan that bore interest at LIBOR plus 1.75% and was scheduled to mature this month.

Vornado’s share of the net proceeds was approximately $105 million. The refi follows New York University’s renewal last October for 633,000 square feet at One Park.

CPPIB increased its ownership interest in One Park to 45% in 2014, after holding an indirect 11% stake through its investment in the Vornado Capital Partners Parallel fund.

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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).
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