The owners of Deutsche Bank Center are close to finalizing a $1.1 billion refinancing deal, one of the largest office financings in Manhattan this year. The joint venture includes Related Companies, Singapore’s GIC, and the Abu Dhabi Investment Authority. Fitch Ratings reports that the loan is expected to close by the end of October.
The refinancing will be a floating-rate, interest-only CMBS loan with a two-year term and three one-year extension options. German American Capital Corp. and Wells Fargo are co-originating the loan and will act as mortgage loan sellers, while Eastdil Secured arranged the financing.
The new debt replaces existing loans on the 1.1 million-square-foot office tower at 60 Columbus Circle, covering about two-thirds of its $1.65 billion appraised value, according to Bisnow.
Deutsche Bank moved its U.S. headquarters from Wall Street to this building in 2021 and now occupies 93.5 percent under a 20-year lease with an option for another 20 years. Fitch says the property is fully leased, which stands out as midtown Manhattan continues to adjust to post-pandemic changes in office demand.
Previously known as Time Warner Center before Time Warner relocated to Hudson Yards, Deutsche Bank Center sits within a larger complex overlooking Columbus Circle totaling 2.8 million square feet. Related holds about a 3 percent stake in the tower; GIC and Abu Dhabi Investment Authority each own 48.1 percent.
A spokesperson for the ownership group did not respond to requests for comment.
This transaction follows an earlier attempt by the same owners to secure a $1.5 billion single-asset CMBS deal in 2022—a plan dropped due to bond-market volatility at that time. The successful completion of this smaller, shorter-term refinancing could indicate growing lender confidence in high-profile New York properties with stable tenants despite ongoing tight financing conditions and elevated benchmark rates.
The closing date for the new loan is set for October 29.
Deutsche Bank Center continues as one of Manhattan’s leading mixed-use buildings, combining offices with luxury retail spaces and housing the Mandarin Oriental hotel.
