Tishman Speyer Completes $2.85 Billion Refinancing of The Spiral, Its Iconic New West Side Office Tower

Along with Rockefeller Center Campus, Tishman Speyer Has Successfully Refinanced Nearly $6.4 Billion in Manhattan Office Properties in Less Than Three Months

NEW YORK, Jan. 10, 2025 /PRNewswire/ -- Tishman Speyer today announced that the firm has refinanced The Spiral, its celebrated new Manhattan office tower, with a $2.85 billion CMBS loan. The Spiral is 94 percent leased two years after its opening. The five-year, fixed-rate loan is led by JPMorgan Chase with Bank of America, Goldman Sachs, and Wells Fargo serving as co-lenders.

Tishman Speyer has now successfully secured nearly $6.4 billion in refinancings on two marquee New York City office properties in less than three months. On October 18, 2024, Tishman Speyer closed on a $3.5 billion CMBS loan for its legendary Rockefeller Center campus, the largest issuance ever for a single office asset. 

"We are exceptionally proud of The Spiral and pleased to deliver value for our investors," said Tishman Speyer CEO Rob Speyer. "Together, The Spiral and Rockefeller Center demonstrate that premier properties with the right amenities, strong occupancy and established sponsors continue to outperform the market."

Tishman Speyer commenced construction on the 2.8 million-square-foot Spiral in June 2018, shortly after announcing that Pfizer, the world's pre-eminent biopharmaceutical company, would anchor the project. Tishman Speyer has subsequently filled the tower with leading companies from a wide array of industries. 

The Spiral serves as the U.S. headquarters of HSBC, one of the world's largest banking and financing services organizations. Other prominent companies that have relocated to the tower include TPG Global, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction and Marshall Wace. 

Designed by BIG-Bjarke Ingels Group, The Spiral rises 1,031 feet and features a cascading series of landscaped terraces as its signature element. The terraces ascend one per floor in a spiraling motion to create a unique, continuous green pathway that wraps around the façade of the tower, supplying its occupants with readily accessible fresh air and outdoor space.

All customers at The Spiral enjoy access to the ZO Clubhouse, a premier amenity center and lounge perched on the top floor of the 66-story tower. The Clubhouse features an open-air terrace, panoramic views of New York City, food and beverage service by the critically acclaimed team behind Llama San and Llama Inn, and multiple spaces for meetings, conferences and events. 

Tishman Speyer has devoted the entire 23^rd and 24^th floors to its Studio co-working platform, which was fully leased at the end of 2024, along with its Studio Gather conference center and Studio Private flexible office product. Tishman Speyer also recently introduced Spiral Suites, with high-end prebuilt offerings ranging from 7,000 square feet to a full floor of 48,000 square feet. The suites feature custom layouts and furnishings, sleek reception areas, and large windows for light-filled workspaces. Customers have full access to outdoor space and all tower amenities.

Located at 66 Hudson Boulevard, The Spiral will be animated at street level by Papa San, a restaurant showcasing Peruvian-Japanese cuisine, as well as two new dining concepts from two-Michelin-starred chef Gabriel Kreuther. In addition, NewYork-Presbyterian's Och Spine outpatient center and HSBC's flagship wealth center are located at the base of the tower.

About Tishman Speyer (tishmanspeyer.com)

Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 36 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial and data center facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we foster innovation, quickly adapt to global and local trends and proactively anticipate our customers' evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 560 properties, totaling 227 million square feet, with a combined value of nearly $128 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.

SOURCE Tishman Speyer