Fisher Brothers has secured a $500 million refinancing loan for its recently completed renovation of 299 Park Ave., its Midtown office property and headquarters. Citi Group and J.P. Morgan are providing this new, 10-year mortgage, which exceeds the building’s previous loan by more than $100 million, according to reports from Crain’s.
The refinancing was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone and Nick Scribiani.
“Securing attractive financing in this market reflects Fisher Brothers’ longstanding reputation for meticulously maintaining and operating Class A office assets,” said Ken Fisher, partner at Fisher.
Standing at an occupancy rate of 95%, the 1.2-million-square-foot property is well-positioned to attract investor interest. Fisher Brothers secured more than 60,000 square feet in leases at 299 Park Ave. throughout 2024, including 30,000 square feet for MacKay Shields LLC and a nearly 25,000-square-foot renewal for Becker, Glynn, Muffly, Chassin & Hosinski LLP.
Furthermore, a $20 million investment has modernized the 1967-built office tower by adding a transformed, “hotel-like” lobby to the property. Improvements also included upgrades to the elevators at 299 Park Ave.; a refreshed facade; and the integration of advanced technology, like Bluetooth and hospital-grade air filtration within the building. These enhancements align with the family-owned real estate firm’s WELL Building Institute standards for its New York City properties. The property’s tenant roster includes the likes of Capital One, UBS and King Street Capital.
“Manhattan’s renowned Park Avenue corridor has been at the forefront of the office market rebound with upgraded assets like 299 Park Avenue leading the charge,” Ken Fisher, partner at Fisher, said in a statement.
Notably, Fisher Brothers has capitalized on the office market’s preference for high-quality spaces before. Approximately one year ago, it secured two significant leases at 1345 Sixth Ave.: Intercontinental Exchange leased 143,000 square feet, and law firm Paul, Weiss, Rifkind, Wharton & Garrison signed a 20-year lease for 765,000 square feet.
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