Tishman Speyer's $301 million refinancing for its project at the historic Macy's building in Downtown Brooklyn signals confidence in luxury office space amidst a market glut.
The redevelopment retains the original cast-iron facade of the building, integrating it into the new office space known as the Wheeler, which spans 622,000 square feet.
St. Francis College has become the sole tenant of the building, leasing the fifth, sixth, and seventh floors, illustrating the trend of educational institutions occupying commercial space.
This refinancing replaces a previous 2021 loan from Starwood Property Trust, demonstrating the ongoing partnership between Tishman Speyer and the lender to support large-scale renovations.
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