Tishman Speyer Locks in $385M Refi for Fully Leased Midtown Tower

July 8, 2025 | New York City

Tishman Speyer has secured a $385 million refinancing for 300 Park Avenue, its 25-story Midtown office tower that now boasts full occupancy. The new financing includes a $330 million CMBS loan from JPMorgan Chase, Deutsche Bank, and Morgan Stanley, plus a $55 million mezzanine loan from Macquarie Capital.

To close the deal, Tishman injected $111 million in new equity — a strategic move to pay off a $485 million maturing CMBS loan that had entered special servicing in 2023 due to default concerns.

The tower’s largest tenant, Colgate-Palmolive, reduced its footprint from 65% of the building to 242,000 square feet in 2019, but remained through 2033. Since then, Tishman has signed 440,000 square feet of new leases, including deals with Ally Financial, Golden Tree Asset Management, and near-full occupancy in its coworking space.

Located five minutes from Grand Central, 300 Park Avenue is a postwar Emery Roth & Sons building dating back to 1955. Tishman, which acquired the asset in 1999, has spent $47 million on upgrades. Midtown’s office recovery continues, with the neighborhood’s availability rate dropping for five consecutive quarters to 14% in June, per Colliers.

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