PGIM, SJP sign $507M refi with Chase, Deutsche Bank, Wells Fargo for 11 Times Square

PGIM Real Estate, Steven Pozycki’s SJP Properties and Norges Bank Investment Management, through the entity PR SJP TS Owner LLC as borrower signed a refi loan with lender JPMorgan Chase, Deutsche Bank, and Wells Fargo valued at $507 million for the office and retail building at 640 Eighth Avenue, now known as Eleven X, just west of Times Square.
The deal closed on October 14, 2025 and was recorded on October 24, 2025. The prior lenders were New York Life Insurance Company, Northwestern Mutual Life Insurance Company and New York State Teachers’ Retirement System which held debt that had an original loan amount of $507 million. The building was formerly known as 11 Times Square.
The building is divided into two commercial condominium units, one retail and one office, that have a total of 789,726 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $641 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 PGIM Real Estate was Sarah Murray. The signatory for JPMorgan Chase , Deutsche Bank , and Wells Fargo was Jessica Wong , Peter Castro , Brandon Atkins , and John G. Nicol .

According to a Fitch analysis: “The certificates represent the beneficial ownership interest in a trust, which is expected to hold a $507 million, two-year, floating-rate, interest-only commercial mortgage whole loan with three, one-year extension options… Loan proceeds, combined with $42.8 million of sponsor equity, will be used to refinance $507.0 million of existing debt, fund $43.0 million of upfront reserves (including $22.8 million to cover outstanding landlord obligations and $20.0 million for future leasing costs), and pay closing costs. The loan sponsors are a joint venture of PGIM Real Estate, Norges Bank Investment Management, and SJP Properties Company.”

The property

The office building in Garment District has 789,726 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 742,761 square feet. The city-designated market value for the property in 2022 is $466.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 10.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 640 Eighth Avenue, PincusCo has identified the owners of four of the eight commercial properties representing 1,911,004 square feet of the 2,224,201 square feet. The largest owner is SL Green Realty, followed by Yellowstone Real Estate Investments and then Brookfield Properties.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 1.9 million square feet of built space are office buildings, with specialty buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that PGIM Real Estate owned at least one commercial property in New York City with 3,750 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.

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