The Durst Organization secured a $1.3 billion loan for the iconic One Five One building in Times Square, previously home to Conde Nast and Skadden Arps. Major tenants include TikTok and Nasdaq, boosting post-pandemic recovery. The loan carries a 5.865% interest rate, maturing in 2030, based on a $2.3 billion valuation.

The financing package marks a significant milestone in NYC’s office market recovery, according to Rosenberg + Estis. The loan, co-originated by Wells Fargo, JPMorgan, and Bank of America, exceeded the initial amount sought by The Durst Organization. Demand for Class A assets from respected sponsors is high, signaling market strength.

Durst Organization Chairman Douglas Durst highlighted the renewed appetite for NYC office market exposure. The loan’s terms reflect confidence in the building’s value and future prospects. Bank of America’s Leland Bunch praised the building’s amenities, location, and ownership as key factors in the loan’s success. Wells Fargo and JPMorgan had no immediate comments.

Read more at Yahoo Finance: Owner of landmark Manhattan skyscraper closes on $1.3 billion loan