Dealmaker: JLL Arranges $1.1B for 3 Bryant Park in Midtown Manhattan
(Illustration credit: C. Taylor Crothers)
JLL’s Capital Markets group arranged a $1.125 billion refinancing for 3 Bryant Park, a 1.2 million-square-foot office tower in Midtown Manhattan’s Bryant Park market.
JLL represented the owner, Ivanhoé Cambridge, the real estate group of CDPQ, as well as Hines, which serves as the asset manager and property manager, to arrange the refinancing led by Wells Fargo, Bank of America and Bank of Montreal.
Currently 97.2% leased, 3 Bryant Park’s tenants include including Salesforce, Stifel, Dechert LLP, US Bank, Lloyds Bank and Standard Chartered. The 42-story tower has direct access to Bryant Park, on-site Whole Foods and Equinox-anchored retail, more than 16,000 square feet of public space, a new conference center and immediate access to the 42nd Street Subway station, serving the B, D, F, M and 7 lines.
Bryant Park attracts more than 12 million visitors annually. Due to its central location, equidistant from transit hubs including Grand Central Terminal, Penn Station and the Port Authority Bus Terminal, the Bryant Park micro-market stands out as one of New York City’s strongest submarkets, boasting a 0.8% vacancy rate for trophy office assets and commanding rents approximately 50% higher than the average for Midtown Class A properties.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Drew Isaacson, Managing Director Lauren Kaufman and Directors Jennifer Zelko and Christopher Pratt.
“The successful refinancing of a globally renowned trophy office such as 3 Bryant Park signals a shift in market perception and offers an optimistic outlook for the future,” Peck noted.
Since the third quarter of 2024, JLL has observed a significant surge in demand for large commercial real estate loans such as 3 Bryant Park. JLL data show a nearly 30% rise in lender quotes for JLL’s Debt Advisory transactions exceeding $100 million in the second half of 2024 compared to the same period in 2023.
