Investors are coming back to buying office CMBS after about two years on the sidelines, committing billions to deals that refinance New York City towers even as the future for older, less well-known buildings remains unclear, reported Bloomberg News. The past few months have seen 10-figure securitizations for Tishman Speyer’s Rockefeller Center and The Spiral, with refinancings on that scale for 200 Park Ave. and the Seagram Building at 375 Park Ave. in the offing.

In February alone, investors paid more than $4.5 billion for CMBS backed entirely by U.S. offices, the highest figure in at least five years, Bloomberg reported. These securities accounted for 35% of single-asset CMBS sold in February, according to Deutsche Bank, the highest percentage since 2021.

However, the newfound enthusiasm is mostly limited to the upper crust. There’s much less demand for bonds tied to Class B and Class C properties. “The office market is separating into haves and have nots,” Zachary Aronson, a portfolio manager at MacKay Shields, told Bloomberg. “Investors are eager to buy bonds backed by newer buildings with lots of amenities while older properties continue to struggle, especially if they’re in less desirable locations.”

Pictured: The Spiral.