Wells Fargo leads $750m financing of One New York Plaza

Wells Fargo Bank has led the $750 million financing of the One New York Plaza office building in lower Manhattan.

Wells Fargo Bank has led the $750 million financing of the One New York Plaza office building in lower Manhattan.

One New York Plaza, Lower Manhattan
One New York Plaza, Lower Manhattan

The bank served as administrative agent for a lending group that provided $410 million in new financing to Brookfield Property Partners, city records show.

The financing also replaces $340 million of securitized debt that was part of a split loan co-originated by Goldman Sachs Commercial Mortgage Capital and Lehman Brothers Bank in 2006, which matured and was retired earlier this month. 

Brookfield purchased the 2.5 million sq ft Class A 50-story building at 1 Water Street in 2006. The building was built in 1970 and remodeled in 1995. The property’s largest tenant is Morgan Stanley, whose lease expires December 2029.

Earlier this month Wells Fargo provided a $580 million loan to Douglas Emmitt Realty for the acquisition of a four-building office portfolio in Los Angeles, California.

The bank also originated the city’s largest commercial real estate deal last year, a $2.7 billion loan agency loan backing the $5.3 billion acquisition of the Stuyvesant Town and Peter Cooper Village apartment complex in Manhattan.

Brookfield manages over $65 billion in total assets. Wells Fargo and Brookfield were not available for comment in time for publication.

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