Maturity of $7.16B of CMBS Office Debt in 2022 Looms
According to research firm Trepp, there is a surge of big-ticket CMBS office loans maturing in 2022. The total worth of about $7.16 billion is more than in the three previous years combined — the result of borrowers extending the terms of their loans in recent years. The $1.5 billion in refinancing currently being sought for 5 Times Square is one of the largest such deals in the era of hybrid work and rising interest rates. Expected to be 75% empty upon anchor tenant EY (formerly Ernst & Young) relocating to 1 Manhattan West, 400 West 33rd Street, the 1.1 million-square-foot tower could be a bellwether for the New York City office market.