Newmark Secures $1.65B CMBS Loan at 5.81% for One Madison Avenue
Newmark arranged a $1.65 billion refinancing for One Madison Avenue in Manhattan, marking the largest US office CMBS issuance in 12 months. The deal priced at 181 basis points over Treasuries for a 5.81% all-in rate, replacing a $1.25 billion construction facility.
1. Transaction Overview
Newmark Group arranged a $1.65 billion refinance of One Madison Avenue, a fully leased trophy office in Manhattan. The transaction is the largest US office CMBS issuance in the past 12 months and replaces a prior $1.25 billion construction loan for SL Green Realty.
2. Financing Terms
The refinancing was priced at a spread of 181 basis points over the US Treasury index, resulting in a 5.81% all-in rate. The new facility underscores strong institutional demand for high-quality office assets and deep structured finance capabilities.
3. Property and Tenant Profile
One Madison Avenue features a restored historic podium and a 550,000-square-foot tower, boasting 100% leasing to leading global firms including IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing and Harvey AI. The asset offers extensive amenities like 100% outside air systems, natural light, shared hospitality spaces and curated retail.