Fisher Brothers + JP Morgan Asset Management have secured a $400 million CMBS loan from Morgan Stanley to refinance their office tower at 605 Third Avenue in Midtown East, CO first reported. The fixed-rate debt carries a term of 10 years.
- Dig Deeper: Fisher Brothers and its partners have made more than $100 million in upgrades to the 1.1 million-square-foot building since 2014. The largest tenants include the United Nations Population Fund (131,000 SF) and Broadridge Financial Solutions (85,000 SF). It is currently 97 percent leased.
- Worth Noting: In late October, JPMorgan put its 49 percent stake in the 44-story office tower on the market, valuing the entire asset at about $600 million. [CO]