April 11, 2018
Tishman Speyer has secured $1.8 billion in construction financing from Blackstone Mortgage Trust (BXMT) and an anchor tenant in Pfizer for its Spiral tower in Midtown West. Pfizer will relocate its global headquarters from 235 E. 42nd St. to 800,000 square feet in a 20-year lease at 66 Hudson Blvd., where construction will begin in June.
The pharma giant will occupy 15 full floors when The Spiral delivers in 2022. “Pfizer has a proud and storied history in New York City that began in 1849,” said Albert Bourla, Pfizer’s COO. “We are excited that this move will provide our colleagues with a modern, state of the art headquarters.”
A Cushman & Wakefield team led by Josh Kuriloff represented Pfizer. For BXMT, the construction loan was its biggest single-asset transaction yet. Tishman Speyer and more than a dozen institutional and individual investors are providing $1.9 billion in equity toward the project.
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