Brookfield completes $1.3 billion
refinancing of 660 Fifth Ave.

Manhattan, NY Brookfield has completed $1.3 billion of refinancing of 660 Fifth Ave., a 1.25 million s/f tower in Midtown that is now fully committed to a roster of global tenants. The refinancing builds upon Brookfield’s momentum across its global real estate platform and brings the total financing activity completed this year to $35 billion, with $10 billion from the office sector alone.

Zachary Cohn, managing partner at Brookfield, said, “We are encouraged by the market’s strong reception to our high-quality assets. 660 Fifth Ave. is part of a select group of properties with significant leasing momentum that is driving scarcity premiums for high-quality office in major markets. As an owner, borrower, and lender, we are in a unique position to capitalize on opportunities and quickly adapt to current market dynamics. We look forward to continuing to deliver for investors while enhancing landmark assets in major gateway cities.”

Brookfield finalized a comprehensive reinvention of 660 Fifth Ave. in 2024, transforming the 39-story mid-century tower with a new glass curtainwall façade, reconfigured floorplates, a new lobby and private entrance, outdoor terraces, and next-generation infrastructure. The tower’s global tenants include Macquarie, Citadel, Viking Global, and Scotiabank. 660 Fifth’s financing was arranged by a syndicate of leading institutions, including Citigroup, Barclays, ING, Bank of America, and Santander Bank.

Ben Brown, head of Americas Real Estate, said, “The refinancing of 660 Fifth Ave. marks another milestone in the property’s remarkable revival and reflects continued confidence in Brookfield’s sponsorship. We’re proud of how this transformation has reestablished 660 Fifth Ave. as one of the city’s premier business addresses and a symbol of reinvestment and renewal in Midtown Manhattan.”

Driven by record CMBS new issuance and strong credit market support, momentum has continued across financing activity, bringing total volume to $35 billion year-to-date.