Tishman Speyer received an extension on a $485 million loan for its 300 Park Avenue office building several months after the loan was used for special services.
The company received an extension on a CMBS loan backed by a 26-story midtown office tower — the debt is due to mature in August. The extension only adds one year to the due date, but Tishman Speyer has the option to extend this until August 2025.
According to Trepp, which tracks securitized mortgages, the loan entered special servicing in March due to an “imminent balloon/maturity default.”
Tishman Speyer has previously said it requested a transfer to special services to work out an extension before it expires in August. A special servicer is a third party that services the loan.
According to Trepp, the 10-year loan was issued by German American Capital at a fixed rate of 4.41 percent in 2013 when the office property was valued at $1 billion.
The building’s occupancy rate dropped from 99% in 2018 to 75% in 2020 before recovering to 84% in 2022. The company said it is now 97% occupied.
Since 1980, 300 Park Avenue has served as Colgate-Palmolive’s world headquarters, and once occupied approximately 65 percent of it—approximately 503,600 square feet. Just five minutes’ walk from Central Station, the building was designed by Emery Roth & Sons and built in 1955.