PIMCO signs $1.17B refi loan with Goldman Sachs, Deutsche, Citibank for Manhattan office

PIMCO signed a $1.17 billion refinance loan with Goldman Sachs, Deutsche Bank and Citibank for Manhattan office buildings, including the commercial condo at 229 West 43rd Street, 245 West 17th Street and 249 West 17th Street, 315 Park Avenue South and 147 Madison Avenue. The properties have a total of just under 1 million square feet combined. PIMCO acquired the four New York City properties on December 8, 2021, for a valuation of $1.4 billion, among a larger purchase of Columbia Property Trust.

In the first deal, PIMCO through the entity Columbia Reit-229 W. 43rd Street LLC as borrower signed a refi loan with lender Goldman Sachs, Deutsche Bank, and CitiBank through the entity Citi Real Estate Funding Inc. valued at $396.4 million for the office condo at 229 West 43rd Street in Times Square, Manhattan.
The deal closed on December 3, 2021 and was recorded on March 30, 2022. The prior lender was Columbia Property Trust which held debt that had an original loan amount of $114.8 million. The property has 345,701 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,146 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for PIMCO was Devin Chen. The signatory for Goldman Sachs, Deutsche Bank, and CitiBank was Michael Ellis.

In the second deal, PIMCO through the entity Columbia Reit-245-249 W. 17th LLC as borrower signed a refi loan with lender Goldman Sachs, Deutsche Bank, and CitiBank valued at $367.7 million for two properties including the corner office building at 245 West 17th Street in Chelsea, Manhattan and corner retail building at 249 West 17th Street in Chelsea, Manhattan.
The deal closed on December 3, 2021 and was recorded on March 30, 2022. The prior lender was Columbia Property Trust which held debt that had an original loan amount of $146.2 million.The two properties have 227,713 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,614 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)