One Liberty Plaza
One Liberty Plaza, New York, New York 10006
Built in 1972, One Liberty Plaza is a 53-story, Class A trophy office building located in Manhattan’s World Financial Center (World Trade Center) submarket. The 2,186,163 square foot building is in excellent condition with efficient column-free floor plates, which provide views of New York Harbor. The property is owned by Brookfield Financial Properties and is currently 99 percent leased to 21 office tenants and 3 retail tenants.
The property’s existing $850 million senior first mortgage has been split into six individual pari-passu notes. KBS REIT II has agreed to purchase two of these notes that total $115 million. The notes were acquired at a discount to their par value. The loan has interest-only payments for the first four years and amortizes for the final six years of the term.
Investment at a Glance
Location: New York, NY
Property Type: Class A Office
Investment Type: Senior First Mortgage
Acquisition Date: February 11, 2009
Total Loan Amount: $66,700,000
Loan Par Value: $115,000,000
Loan Term: 102 months
No. of Buildings: 1
No. of Stories: 53
Square Footage: 2,186,163 SF
Leased Percentage (at the time of Acquisition): 99%