Tishman signs $330M refi with Chase, Deutsche Bank, Morgan Stanley for office in Midtown East

Tishman Speyer through the entity 300 Park Avenue, L.L.C. as borrower signed a refi loan with lender JPMorgan Chase, Deutsche Bank, and Morgan Stanley valued at $330 million for the office building (O4) at 300 Park Avenue in Midtown East, Manhattan.
The deal closed on July 3, 2025 and was recorded on July 15, 2025. The prior lender was Comm 2013-300P which held debt that had an original loan amount of $485 million. The property has 645,483 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $511 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 owner bought the property on February 28, 2020, for $33.1 million. The signatory for Tishman Speyer was Paul A. Galiano . The signatory for JPMorgan Chase , Deutsche Bank , and Morgan Stanley was Peter Castro , R. Chris Jones, Cynthia Eckes , and Jessica Wong .

Prior sales and revenue

The 645,483-square-foot property generated revenue of $63.5 million or $98 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown East has 645,483 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 211 feet deep with a total lot size of 34,050 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $382.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,895 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 23, 2012. 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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 19.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 1,482,143 square feet of the 1,949,671 square feet. The two identified owners are Tishman Speyer and William Kaufman Organization.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 1.9 million square feet of built space are office buildings, with retail buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Tishman Speyer owned at least 37 commercial properties with 2,352 residential units in New York City with 17,256,920 square feet and a city-determined market value of $6.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $10.3 billion in debt, with top three lenders as Wells Fargo, Bank of America, and Bank of America respectively. Within the portfolio, the bulk, or 76 percent of the 17,256,920 square feet of built space are office properties, with specialty properties next occupying 9 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.

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