JLL's Capital Markets group announced on February 10, 2025, that it arranged a $1.125 billion refinancing for 3 Bryant Park, a 1.2 million square-foot trophy office tower in Midtown Manhattan. JLL represented the owner, Ivanhoé Cambridge, and asset manager Hines, with the refinancing led by Wells Fargo, Bank of America, and Bank of Montreal.
3 Bryant Park is 97.2% leased with an elite roster of creditworthy tenants, including Salesforce, Stifel, and Bank of America. The property features a new amenity offering and is located in the Bryant Park micro-market, which boasts a 0.8% vacancy rate for trophy office assets.
This successful refinancing signals a shift in market perception and offers an optimistic outlook for the future of large office loans. JLL data shows a nearly 30% rise in lender quotes for Debt Advisory transactions exceeding $100 million in the second half of 2024 compared to the same period in 2023, indicating increasing liquidity in the sector.
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