Brookfield signs $800M refi with Citi, Chase, Wells Fargo, Bank of Nova Scotia for office in Battery Park City

Brookfield Properties through the entity Technology Services Group Trs LLC as borrower signed a refi loan with lender Citibank, JPMorgan Chase, Wells Fargo, and Bank of Nova Scotia valued at $800 million for the office building (O4) at 225 Liberty Street in Battery Park City, Manhattan.
The deal closed on February 6, 2026 and was recorded on February 20, 2026. The prior lender was a bond trust, Series 2016-225L, serviced by Trimont which held debt that had an original loan amount of $900 million.

The property has 2,267,925 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $352 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Brookfield Properties was Noah Daniels . The signatory for Citibank , JPMorgan Chase , Wells Fargo , and Bank of Nova Scotia was Ana Rosu Marmann , Jessica Wong , Vijay Kant , and Jeffrey L. Cirillo .

Prior sales, articles and revenue

The 2,267,925-square-foot property generated revenue of $177 million or $78 per square foot, according to the most recent income and expense figures.
The Real Deal reported on February 5, 2026 that Brookfield Properties borrowed $800 million from Citi Real Estate Funding, JPMorgan Chase, Bank of Nova Scotia, and Wells Fargo for 225 Liberty Street, Manhattan, NY.

The property

The office building in Battery Park City has 2,267,925 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 489 feet and is 217 feet deep with a total lot size of 199,346 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $728 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $322,063 money judgment concerning a retail lease filed on July 19, 2024, by Brookfield Properties against Luck Sarabhayavanija and Israel Jiles. In addition, according to city public data, the property has received $4,375 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 9, 2012. On the lot, there is one active major alteration construction project, M01066237, for a 2,267,925 square-foot 51 building. The project was submitted by Joe Tesei with plans filed September 9, 2024 and permitted December 5, 2025.

The neighborhood

In Battery Park City, The majority, or 70 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 25 percent of the space. In sales, Battery Park City has the 43rd highest sale turnover among other neighborhoods in Manhattan with $13.4 million in sales volume in the last two years. For development, Battery Park City is the 5th most active neighborhood among other neighborhoods. It had 11.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 76 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 22 commercial properties representing 13,484,739 square feet of the 15,658,954 square feet. The largest owner is Brookfield Properties, followed by Goldman Sachs and then American Express.
On the tax block, there were three new building construction projects totaling 38,596 square feet. The largest is a 18,798 square-foot assembly (A-2) building submitted by Christopher Albanese|Russell Albanese|Christina Misiti-Eskritt and filed by Gwen Dawson with plans filed February 2, 2022 and permitted October 16, 2023. The second largest is a 18,798 square-foot assembly (A-2) building submitted by Clipper Equity and filed by Gwen Dawson with plans filed February 2, 2022 and permitted October 16, 2023.

The majority, or 69 percent of the 15.7 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Brookfield Properties owned at least 62 commercial properties with 5,732 residential units in New York City with 27,389,381 square feet and a city-determined market value of $6.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $15.1 billion in debt, with top three lenders as Wells Fargo, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 55 percent of the 27,389,381 square feet of built space are office properties, with elevator properties next occupying 23 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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