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Brookfield secures $550M loan for 200 Liberty Street

People & Companies / Latest News

United States of America

Feb 07 2017

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Kathryn Brenzel, The Real Deal

Brookfield Property Partners just landed a $550 million loan for its office tower at 200 Liberty Street, according to property records filed with the city Monday.

Kiwoom Milestone US, an affiliate of investment adviser Civitas Alternative Investments, provided the financing, which consolidates a new mortgage of $240 million and a 2007 loan from German American Capital Corporation, documents show.

A representative for Brookfield was not immediately available to discuss the new financing.

The 39-story office tower spans 1.7 million square feet. It was built in 1986 and was formerly known as One World Financial Center, before 2014, when the rest of the office and shopping complex changed its name to Brookfield Place.

In 2015, the Associated Press inked a lease for 170,000 square feet in the building, ditching its old headquarters at 450 West 33rd Street, now known as 5 Manhattan West. Brookfield owns that property as well and is extensively renovating it. The company is also developing the $8.6 billion mixed-use complex Manhattan West in with the Qatar Investment Authority.

Last week, Brookfield Property Partners, a spinoff of Brookfield Asset Management, announced that it was delaying its decision to place its U.S. assets into a real estate investment trust. CEO Brian Kingston said the company planned to wait until it became clear that President Donald Trump would deliver on his plan to change the tax code.

SOURCE: The Real Deal

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