One of New York City\u2019s prime architecture and office landmarks just got a new round of financing.\u00a0<\/p>\n
Lever House, the historic International-style glass office tower that spans 270,000 square feet on Park Avenue in Midtown Manhattan, has secured a $150 million refinancing package, Commercial Observer can first report.\u00a0\u00a0<\/p>\n
SEE ALSO: Ian Schrager Scores $310M Refi for Public Hotel on Lower East Side<\/a><\/p>\n Brookfield Properties<\/a> and WatermanCLARK<\/a>, who acquired the iconic property in May 2020, are the sponsors.\u00a0<\/p>\n The joint venture partners have since invested $100 million to renovate and restore the historic property, which opened in 1950 and was designated a New York City landmark in 1982.\u00a0<\/p>\n Bank of New York Mellon<\/a> provided the new round of financing, sources said, while CBRE<\/a>\u2019s Tom Rugg, Tom Traynor, Mark Finan and Henry Fenmore arranged the transaction.\u00a0<\/p>\n Located at 390 Park Avenue, Lever House ushered in a new architectural aesthetic across Park Avenue, where brick and masonry apartment buildings would later be replaced by modern, glass-sheethed office towers like Lever House, The Seagram Building, 345 Park Avenue and 450 Park Avenue.\u00a0<\/p>\n The office building is 100 percent leased, with tenants that include The Northern Trust Company and Quantum Energy Partners.\u00a0<\/p>\n During a Dec. 10 announcement on the building\u2019s new full occupancy metric, Lauren Young, managing partner at Brookfield Real Estate, credited her firm\u2019s investment and revitalization into the property for repositioning Lever House to succeed into the 21st century.\u00a0<\/p>\n \u201cThe success of Lever House showcases yet again that with an extremely desirable location and one of New York\u2019s most iconic buildings, the right investments can take a property to the next level and attract leading firms that value excellence,\u201d she said.\u00a0<\/p>\n CBRE declined to comment, as did Brookfield Properties and WatermanClark.\u00a0<\/p>\n