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The $105.5 million deal with EPIC marks Tishman Speyer's first office acquisition in New York City since 2019.
The deal is the largest office-to-resi conversion in New York city historyÂ
The firm is seeing tailwinds for US office opportunities through bouts of market volatility in 2025.
At least seven CMBS SASB office loans totaling around $8bn came to market from January to mid-March.
Investors and lenders are seeing ‘animal spirits starting to play’ in a discernable part in a US office recovery.
A pair of $100m+ financings originated over the past month demonstrate the increase in traction for residential conversions.
But lenders continue to highlight the different stories around trophy and non-trophy assets. Â
Blackstone’s maturity reset for the trophy office to 2028 shows managers still can extend loans on offices – as long as the equity is there.
The iconic Chicago skyscraper’s debt will next mature in 2028, with flexibility on further extension options.
The funding will be used by Uber, Golden State Warriors and Alexandria JV to refinance a pair of office buildings on the Chase Center campus.