7 World Trade Center Lands $458M Refi

7 World Trade Center

Silverstein Properties has secured a $457.5 million loan from Goldman Sachs for the refinancing of 7 World Trade Center in New York City. Executed in green bonds, the refinancing comprises $449.2 million in tax-exempt bonds, and $8.31 million in taxable bonds.

The owner has also closed two new leases and two renewals at 7 World Trade Center, totaling more than 104,000 square feet. The iconic office building is now 97 percent leased, with only one 40,000-square-foot floor still available. Jeremy Moss of Silverstein Properties represented the landlord in all four lease transactions.

New tenants at the property include Capstone, which committed to 40,000 square feet. Robert Lowe and Jonathan Fein of Cushman & Wakefield represented the company in the deal. UPSTACK also signed a lease for 5,400 square feet, relocating from 745 Fifth Ave.

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Kostelanetz & Fink renewed its 18,148-square-foot commitment. Eric Zemachson and Brian Cohen of Newmark represented the company in the deal. Mansueto Ventures also renewed its 40,000-square-foot lease, represented by David Glassman of CBRE.

Focus on sustainability

Built in 2006, the Skidmore, Owings & Merrill-designed tower was New York City’s first LEED Gold-certified office building. According to Marty Burger, Silver Properties’ CEO, the high-rise continues to serve as a blueprint for sustainable development, through its refinancing carried out in green bonds.

The office tower has 52 stories and 1.7 million square feet, with 40,000-square-foot customizable floorplates. Tenants at the property include companies such as Moody’s Corp., Moët Hennessy, Zola, WilmerHale, BMI, Skidmore, Owings & Merrill, Fast Company and Inc. Magazine, Jeffrey Beers International and Silverstein Properties. All tenants have access to Silverstein Properties’ new hospitality program, INSPIRE, which features hotel-quality amenities, community events, fitness classes as well as access to every amenity space and flexible co-working space in the company’s portfolio.

Skadden, Arps, Slate, Meagher & Flom represented Silverstein Properties in securing the loan, while Hawkins Delafield & Wood represented underwriter Goldman Sachs.

Not all office buildings in Manhattan have a vacancy rate as low as 7 World Trade Center. As of February, the office vacancy in Manhattan reached 13.1 percent, up 30 basis points month-over-month, according to CommercialEdge.