Wells Fargo has provided an $80m loan that upsizes and extends an existing floating rate mortgage loan at Brookfield Office Properties’ 200 Vesey Street in Lower Manhattan.
The original loan, provided to Brookfield on the last day of December 2010, was for $150m, bringing the aggregate loan size to $230m.
The property is part of the former World Financial Center complex, which Brookfield renamed Brookfield Place last year and is renovating to the tune of $250m. The extensive renovation repurposes Brookfield Place’s 250,000 square feet of retail space with a range of new retail options, a European-style marketplace, waterfront dining and chef-driven restaurants.
The complex of office buildings and retail destinations is located across West Street from the World Trade Center site and has been home to Merrill Lynch, RBC Capital Markets, Nomura Group, American Express, among others.
Retail will include high-end shops like Michael Kors, Hermes, Calypso, Salvatore Ferragamo, Judith & Charles, Scoop NYC, Zegna and Theory, as well as lifestyle companies Bright Horizons, Equinox and Ice.
Brookfield is also outfitting the complex with a new West Street entrance to provide a seamless connection from downtown’s new transportation hubs, the Hudson River and a range of free music and arts program staged along the water.
BNY Mellon recently leased 350,000 sq ft of space at one of the Brookfield Place buildings – 225 Liberty Street – after agreeing to sell its headquarters at 1 Wall Street to Macklowe Properties, which recently received a $460m loan from Deutsche Bank for the acquisition; and Time Inc. leased 700,000 sq ft at that building earlier this year.