Hudson Yards Tower Anchored by Pfizer Secures $2.85B Refi
Tishman Speyer has secured a $2.85 billion refinancing of the Spiral, 66 Hudson Boulevard. The commercial mortgage-backed security (CMBS) that carries a fixed interest rate and a term of 5-years was led by JPMorgan Chase along with co-lenders the Bank of America, Goldman Sachs, and Wells Fargo. The approximately 2.8 million square foot tower located in the Hudson Yards neighborhood has achieved 94% occupancy since construction delivery. Anchored by biopharmaceutical company Pfizer, which committed to 800,000 square feet under a 20-year term during pre-construction, the building continued to attract additional big block tenants committing to 20-year terms over the past several years. Notable big block deals include the 530,000-square-foot lease by law firm Debevoise & Plimpton, a nearly 300,000-square-foot lease by investment firm TPG, a lease for 265,000 square feet with London-based bank HSBC, and a 189,000-square-foot lease with investment management firm AllianceBernstein. News of the refinancing comes about three months following Tishman Speyer’s refinancing of the renowned Rockefeller Center campus. The $3.5 billion CMBS loan co-led by Bank of America and Wells Fargo carries a fixed 6.2265% interest rate, and at the time of its announcement represented the “largest CMBS transaction since 2022,” as well as the “largest-ever CMBS issued for a single office asset.”