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

Vornado Refis One Park Avenue for $525M

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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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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