The owners of Deutsche Bank Center are close to finalizing a $1.1 billion refinancing deal for the Manhattan office tower at 60 Columbus Circle, according to Fitch Ratings. The joint venture includes Related Companies and sovereign wealth funds from Singapore and Abu Dhabi.
The new loan is a floating-rate, interest-only CMBS package that will refinance existing debt on the 1.1 million-square-foot property. The amount covers about two-thirds of the building’s $1.65 billion appraised value, as reported by Bisnow. The loan has a two-year term with three one-year extension options and is being co-originated by German American Capital Corp. and Wells Fargo, which will serve as mortgage loan sellers. Eastdil Secured arranged the financing.
Deutsche Bank moved its U.S. headquarters to the tower in 2021 and now occupies 93.5 percent of the space under a 20-year lease with an option to renew for another twenty years. Fitch reports that the building is fully leased, reflecting stability in Midtown’s office market despite ongoing changes in demand since the pandemic.
Previously known as Time Warner Center before Time Warner relocated to Hudson Yards, Deutsche Bank Center sits within a larger 2.8 million-square-foot complex overlooking Columbus Circle. Related Companies holds about a 3 percent stake in the office tower, while Singapore’s GIC and Abu Dhabi Investment Authority each own 48.1 percent.
A spokesperson for the ownership group did not respond to requests for comment.
This refinancing follows an earlier attempt in 2022 when a planned $1.5 billion single-asset CMBS deal was shelved due to bond-market volatility. Despite continued tight financing conditions and high benchmark rates, completing this smaller short-term loan would indicate increased lender confidence in major New York properties with reliable tenants.
The closing of the loan is expected on October 29.
Deutsche Bank Center remains one of Manhattan’s main mixed-use buildings, combining offices with luxury retail and the Mandarin Oriental hotel.
