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China Investment Corporation lands Refi for 1 New York Plaza

One New York Plaza (Credit: Brookfield)

China Investment Corporation (49% stake) + Brookfield (35% stake) + AEW (16% stake) have secured an $835 million loan from Wells Fargo + Goldman Sachs + BMO Harris Bank to refinance its FiDi office tower at One New York Plaza, according to Kroll Bond Rating Agency. The new debt retired an existing $750 million loan issued by Wells Fargo in 2016.

  • Property details: The 50-story property spans 2.6 million SF, and is 96.5% leased to 26 tenants. Morgan Stanley is the largest tenant and takes up about 1.37 million SF. 
  • Worth Noting: Brookfield has owned the office building since 2006, when the REIT partnered with Blackstone Group to purchase Trizec Properties, an office landlord that owned the building, for $8.9 billion, TRD noted.
  • Flashback: In May 2016, Brookfield sold 49 percent of its ownership stake to Chinese sovereign fund China Investment Corporation for $683.5 million. And in December of the same year, Brookfield sold 16 percent of that stake to AEW for $223.2 million.
  • Be Smart: Brookfield Properties ironically recently acquired a distribution facility at 845 East 136th Street from AEW and MRP Realty for $27.9 million. The South Bronx, last-mile distribution warehouse consists of 68,000 SF of industrial, loft-style space, in addition to 20,000 SF of column-free space with 30-foot-high ceilings. [TRD]

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