RFR Starts 2025 with Major Refinancing and Leasing Deals
RFR has announced the successful completion of several high-profile transactions across key trophy assets, marking a strong start to 2025. These transactions include major recapitalizations at the iconic Seagram Building on Park Avenue, 475 Fifth Avenue in the Bryant Park submarket, and 17 State Street in the Financial District. Additionally, RFR secured a full-building retail lease at 11 Bond Street in NoHo, further reinforcing its commitment to long-term value creation and strategic portfolio management.
A Strong Start to 2025
“The new year heralded a series of successful transactions that showcase the quality of our assets, and our expertise in hands-on management, strategic leasing, and reinvestment to increase value,” said Aby Rosen, Co-Founder and Principal of RFR. “We are steadfast in our deep commitment to our portfolio and look forward to new achievements and opportunities as the market continues to strengthen.”
Seagram Building: $1.2 Billion Recapitalization
A landmark in Midtown Manhattan, the Seagram Building stands as one of the most recognizable office towers in New York City. In one of the largest recapitalizations of the year, RFR finalized a $1.2 billion commercial mortgage-backed security (CMBS) to refinance debt associated with the property. The funds will be used to repay existing obligations, including a mezzanine loan from JVP Management, ensuring that the property remains financially strong while allowing for potential enhancements and continued top-tier service for its tenants.
This financing underscores the Seagram Building’s enduring appeal and resilience, as it continues to attract high-end tenants with its modernized infrastructure and timeless architectural design. The 38-story tower on Park Avenue remains a symbol of prestige in the New York commercial real estate market.
17 State Street: Three-Year Loan Extension
Another key transaction in RFR’s recent activities is the three-year loan extension for 17 State Street, a 42-story trophy office tower in Lower Manhattan. Owned by RFR for over 25 years, the property is widely regarded as an architectural gem, featuring a distinctive curvilinear glass façade and unobstructed, permanently protected views of New York Harbor.
This loan extension provides additional financial flexibility for RFR, allowing the firm to continue optimizing operations at 17 State Street while maintaining the property’s high standards of service and aesthetics. The extension reflects lenders’ confidence in RFR’s ability to manage and enhance its assets, even as the commercial real estate landscape evolves.
475 Fifth Avenue: Equity Recapitalization and $160 Million Refinancing
Situated in the heart of the Bryant Park submarket, 475 Fifth Avenue is one of just a handful of Fifth Avenue office buildings with direct views of Bryant Park. To further solidify its investment in the property, RFR completed an equity recapitalization and a refinancing of the existing loan with a new $160 million, three-year mortgage provided by Citibank, JPMorgan, and Rithm Capital.
The property boasts a meticulously restored pre-war façade, a Swanke Hayden Connell-designed statement lobby, and six activated outdoor terraces offering sweeping views of Bryant Park. With a strong location and an emphasis on design and functionality, 475 Fifth Avenue continues to be a sought-after office destination for high-profile tenants.
11 Bond Street: Full-Building Lease with Gymshark
On the retail front, RFR secured a full-building lease at 11 Bond Street with Gymshark, the UK-based fitness apparel and accessories giant. The direct-to-consumer brand, known for its high-end workout gear, is set to open its first-ever brick-and-mortar retail store in the Americas in this NoHo location.
The 15,000-square-foot space, positioned at the corner of Bond Street and Lafayette Street, will serve as Gymshark’s flagship U.S. store. With 100 feet of street frontage, the four-story landmarked building offers a prime retail setting in one of Manhattan’s most vibrant neighborhoods. This lease exemplifies RFR’s ability to attract world-class tenants and maximize the value of its retail assets.
