A consortium of banks is providing $1.25bn in financing to Brookfield Property Partners for the construction of a 2.1m sq ft office tower at the Manhattan West development.
Wells Fargo, Deutsche Bank, Bank of New York Mellon and Toronto-Dominion Bank are co-leading the $1.25bn construction financing, which combined with a $850m equity contribution from Brookfield brings the office tower’s total cost to $2.1bn.
Construction is underway at the tower, One Manhattan West, located at the southwest corner of Ninth Avenue and 33rd Street.
Brookfield moved forward with plans after anchor tenant and law firm Skadden, Arps, Slate, Meagher & Flom agreed to a 20-year, 550,000 sq ft lease to occupy floors 28 to 43.
The building is the first of two planned office towers (the other being Two Manhattan West) at the five-acre, $4.5bn Manhattan West development. The development will also include a residential building, retail space, rooftop gardens, dining options and a two-acre public park.
Construction began in January on the residential portion: a 62-story, 844-unit luxury tower.
Manhattan West is located one block west of Penn Station and at the entrance of the Hudson Yards district.