Manhattan Tower Lands $193M Refi

Picchio International has obtained a $193.1 million refinancing loan for 180 Maiden Lane, a 1.2 million-square-foot office tower in Manhattan, according to CommercialEdge data. Wilmington Trust issued the note.

ING Group originated an acquisition loan in the same amount in July 2024 to aid Picchio International purchase the 41-story building from CalSTRS, the same source shows. The property traded for $297 million, about $253.7 per square foot.

Completed in 1982 after the plans of Swanke Hayden Connell Architects, the property also known as Continental Center is LEED Certified. Floorplates at the high-rise range from 23,566 to 32,208. The tower also has a conference room, fitness center and one floor of retail space.

The tenant roster comprises the New York City Department of Investigation, the National Debt Relief, the New York Liquidation Bureau and Holborn Corp., among others.

The office building is in the Financial District, just off FDR Drive and overlooking the East River. The Battery Park, as well as several metro stations, are within 1 mile of the property.

Manhattan’s full-service equivalent listing rates as of March averaged $68.9 per square foot, more than double the $33.4 national figure, a recent CommercialEdge office report shows. The average vacancy rate in the borough reached 16.4 percent during the same month, below the 19.7 percent U.S. figure.