Brookfield Nails Down $800M Refinancing for Manhattan’s 245 Park Ave.

The Bank of China has provided Brookfield Office Properties with one of the largest recent loans in Manhattan.

November 12, 2010
By Allison Landa, News Editor

The Bank of China has provided Brookfield Office Properties with one of the largest recent loans in Manhattan. The $800 million refinancing loan on Manhattan’s 245 Park Avenue was partially facilitated by Robert Martin of Jones Lang LaSalle’s New York office.

The Class A building spans 44 floors and 1.7 million square feet. It is located in midtown Manhattan near Grand Central Terminal. It has a $224 million loan that comes due next year.

Formerly the American Tobacco Co. Building, American Brands Building and Bear Stearns Building, the block-long tower was designed by Shreve, Lamb and Harmon and completed in 1967. It is the 57th tallest building in New York City.

Earlier this month, Societe Generale SA, France’s second-largest bank, signed on to move its headquarters to 245 Park, where it will occupy nine floors. Other tenants include J.P. Morgan, Major League Baseball and Rabobank.