April 10, 2018 / 12:59 PM / 4 months ago

Tishman Speyer secures funds for $3.7 bln New York office tower

NEW YORK, April 10 (Reuters) - Developer Tishman Speyer said on Tuesday that it had secured all the necessary financing to build a 65-story, $3.7 billion office tower called “The Spiral” in the Hudson Yards district on Manhattan’s Far West Side.

Financing for the project, which hails Pfizer as a major tenant, includes $1.9 billion in equity from Tishman and more than a dozen institutional, pension funds and individual investors. An $1.8 billion construction loan from Blackstone Mortgage Trust Inc also was secured, Tishman said.

Reporting by Herbert Lash

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