Tishman Speyer announced the firm has refinanced The Spiral, its celebrated new Manhattan office tower, with a $2.85 billion CMBS loan. The Spiral is 94% leased two years after its opening. And the five-year and 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.
Tishman Speyer had commenced construction on the 2.8 million-square-foot Spiral in June 2018, shortly after announcing that Pfizer 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, which is one of the world’s largest banking and financing services organizations. And 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 it features a cascading series of landscaped terraces as its signature element. And 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 the 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. And 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 devoted the whole 23rd and 24th 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. And 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.
Based 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.
KEY QUOTE:
“We are exceptionally proud of The Spiral and pleased to deliver value for our investors. 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 CEO Rob Speyer
