Jack Resnick & Sons has secured $147 million in commercial mortgage-backed securities financing for its office building at 255 Greenwich Street in Lower Manhattan, according to a report from the Commercial Observer. The new 10-year loan, provided by Morgan Stanley and Société Générale, will be used to pay off existing debt from MetLife on the 14-story property. The building, which spans 600,000 square feet and was developed by the Resnick family in 1987, is located next to One World Trade Center.
Despite ongoing challenges in the broader office market, 255 Greenwich Street has maintained strong leasing activity. In May, Pearson VUE signed a decade-long lease for space in the building. Other major tenants include Cornell University, Icahn School of Medicine at Mount Sinai, the City of New York—where three city government offices renewed their leases last year—the City University of New York, and Target.
The refinancing was arranged by an Avison Young tristate debt and equity team led by Scott and Andy Singer. This team also managed the previous loan ten years ago through the Singer & Bassuk Organization before Avison Young acquired it in 2021.
Scott Singer described the transaction as a continuation of Resnick’s “legacy of excellence,” noting that Morgan Stanley and Société Générale ensured a “smooth execution.”
Jonathan Resnick, president of Jack Resnick & Sons, said: “The successful refinancing of 255 Greenwich, which Jack Resnick & Sons developed nearly 40 years ago, is a testament to the attractiveness and vitality of Lower Manhattan.”
Leasing activity across Manhattan appears to be gaining momentum. In October alone, tenants signed deals totaling 3.6 million square feet—a one-third increase from September—according to Colliers. Year-to-date demand reached 33.7 million square feet, already exceeding last year’s total; if this trend continues, annual leasing could surpass 40 million square feet for the first time since 2019.
