Brookfield Properties recently secured a $750 million long-term loan extension for One Liberty Plaza, a 54-story office skyscraper at 165 Broadway in Manhattan‘s Financial District. The loan was provided by a collection of lenders, including Morgan Stanley.
One Liberty Plaza was designed by Skidmore, Owings, and Merrill and completed construction in 1973. Brookfield acquired the 2.3-million-square-foot tower from Olympia & York in 1986 and has maintained an average occupancy rate of 95 percent for the building over the past 20 years.
“Our successful refinancing of One Liberty Plaza is the latest example that premier, high-quality office buildings continue to attract interest from the mortgage market,” said Bradely Weismiller, Brookfield’s managing partner for real estate capital markets. “One Liberty is one of the top office buildings in Lower Manhattan, and the large number of lenders who participated in this loan is a strong endorsement that this is a well-positioned asset for the future.”
One Liberty Plaza is located steps from the Fulton Street subway station, which serves the 4 and 5 trains, along with the Cortland Street station serving the R and W trains.
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It’s hard to believe that this building is 50 years old. The building has not only stood a long time it has been witness to and dangerously close to one of the worst terrorist disasters in our modern history on 9/11. For several years afterwards it looked scruffy but the restoration of the facade that was done was very successful. I hope it stands a very long time.
Agreed
It will last forever because I am confident in the quality of assets of the 90s, its development can’t tumble on the ground: Thanks.
This building replaced the marvelous Singer Tower, among other properties.
Interesting! I didn’t know the location of the Singer Tower. I would like to have seen it, out of curiosity. From pictures I really don’t like how top-heavy it was, like the ugly (IMO) Brutalist Torre Velasca in Milan. I might have an entirely different opinion if I saw it in person.
Thank you for the Singer Building info—so hard to imagine those watercolor postcards situated in modern Financial District! Cheers!