Brookfield Takes $171M Manhattan Office Loan
- Jun 25, 2020
Brookfield Properties has received a $171 million financing package for 1100 Avenue of the Americas, a 386,180-square-foot office property in Manhattan, according to public records. Bank of America provided the financing through two separate notes—a $93.4 million building mortgage and a $77.6 million project loan.
A major project to reclad the structure in glass began late last year, according to New York YIMBY. Other renovation work inside the building is also underway, with completion tentatively scheduled for the end of the year.
Located in the heart of Midtown Manhattan, the structure dates back to 1906, with major additions done in 1926 and 1980. Brookfield acquired the 15-story asset, previously known as the HBO Building, in 2017 for $370 million from Hoffman Management, according to Yardi Matrix. Bank of America signed a lease to occupy the property’s 357,940 square feet of office space later that year.
In addition to its office space, the building has 11,239 square feet of retail space on the ground floor. Retail tenants include Starbucks, GNC and Sunglass Hut, along with a 10,000-square-foot Bank of America branch.
Although commercial real estate sales have largely ground to a halt in Manhattan, major financing deals continue to close. Earlier this week, SL Green scored a $510 million loan for The News Building, a 1.2 million-square-foot office tower six blocks away.