- Brookfield secured a $1.3B refinancing deal for 660 Fifth Avenue, a newly redeveloped 1.25M SF office tower in Midtown Manhattan.
- The deal contributes to Brookfield’s $35B in real estate financing year-to-date, including $10B in the office sector alone.
- 660 Fifth Avenue is now fully leased to major global tenants and features modern infrastructure following a transformative renovation completed in 2024.
A Landmark Redevelopment In Midtown
A $1.3B refinancing of 660 Fifth Avenue, a 39-story Midtown Manhattan tower, has been completed, reports Brookfield. The refinancing follows a sweeping redevelopment finalized in 2024. Brookfield revamped the 1.25M SF tower with a striking glass curtainwall facade, new lobby, reconfigured floorplates, outdoor terraces, and modern infrastructure. Top global tenants—including Macquarie, Citadel, Viking Global, and Scotiabank—have committed to full occupancy of the building.
Strong Market Support From Leading Lenders
A syndicate of major financial institutions—Citigroup, Barclays, ING, Bank of America, and Santander—arranged the financing package. The deal reflects strong market confidence in both the asset and Brookfield’s strategy. Company executives noted that 660 Fifth Avenue stands out in today’s office market for its quality, location, and leasing momentum. These factors are contributing to what they describe as a “scarcity premium” for top-tier space in major cities.
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Brookfield’s Record Year In Real Estate Financing
The deal brings Brookfield’s 2025 real estate financing to $35B, with $10B in the office sector. The company has completed several other major transactions this year, including $1.25B for 5 Manhattan West, $2.4B for Hawaii’s Ala Moana Center, and $180M for Two Bryant Park. The firm attributes this momentum to strong credit markets and continued demand for high-quality assets in core locations.
A Model For Urban Office Renewal
Brookfield leverages its role as both borrower and operator to actively navigate market shifts and seize financing opportunities. 660 Fifth Avenue’s transformation underscores the asset’s strength and a broader reinvestment trend in gateway cities like New York. Brookfield views the property as a model for urban office revitalization—one that merges design innovation, tenant demand, and financial strength.
