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Overview

Bank of China contributes $85.5 million USD to a $171 million USD syndicated loan for the 1100 Avenue of the Americas Renovation Project

Commitments (Constant USD, 2023)$88,213,242
Commitment Year•2020Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2020
End (planned)
Dec 31, 2020
End (actual)
Aug 10, 2022

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to finance the renovation of 1100 Avenue of the Americas (also 1100 Sixth Avenue and later branded as Two Bryant Park or 2 Bryant Park), a 15-floor 380,158-square foot office building located at the corner of Bryant Park (42nd Street and 6th Avenue) adjacent to the Grace Building (which the borrower to plan to conjoin the building with) in Midtown Manhattan, New York City, New York, into a Class A office building with modern amenities and building systems, including revitalizing the building's curtainwall, interior, and public plaza and relocating the lobby to 42nd Street, allowing the building to face Bryant Park and have a through-block connection to Grace Plaza. Its exact address is 1100 Avenue of the Americas, New York, NY 10036-6712. More detailed locational information can be found at https://www.openstreetmap.org/way/162004802

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of America Corporation

Receiving agencies

Private Sector

  • Brookfield Properties, Inc.

Implementing agencies

Private Sector

  • AECOM Tishman, Inc.
  • EUROMARBLE S.r.l.
  • Gilsanz Murray Steficek LLP
  • MdeAS Architects
  • W&W Glass, LLC
  • Wilkstone, LLC

Loan desecription

Bank of China contributes $85.5 million USD to a $171 million USD syndicated loan for the 1100 Avenue of the Americas Renovation Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In June 2020, a syndicate of at least two banks — including the Bank of China (BOC) and Bank of America — entered into a $171 million USD syndicated construction loan agreement with Brookfield Properties, Inc. — the Delaware-incorporated North American wholly-owned subsidiary of Brookfield Property Partners L.P., a Bermuda-headquartered global commercial real estate firm, which itself is a subsidiary of Canadian alternative asset management company Brookfield Asset Management — for the 1100 Avenue of the Americas Renovation Project. The proceeds were to be used by the borrower to finance the renovation of 1100 Avenue of the Americas (also 1100 Sixth Avenue and later branded as Two Bryant Park or 2 Bryant Park), a 15-floor 380,158-square foot office building located at the corner of Bryant Park (42nd Street and 6th Avenue) adjacent to the Grace Building (which the borrower to plan to conjoin the building with) in Midtown Manhattan, New York City, New York, into a Class A office building with modern amenities and building systems, including revitalizing the building's curtainwall, interior, and public plaza and relocating the lobby to 42nd Street, allowing the building to face Bryant Park and have a through-block connection to Grace Plaza. The Swig Company, LLC, a Delaware-incorporated privately-owned real estate developer based in San Francisco, California, was Brookfield Properties' joint venture partner on the property. MdeAS Architects served as architect. AECOM Tishman served the general contractor for the project. W&W Glass, LLC served as glass installer. Wilkstone, LLC served as stone contractor. Gilsanz Murray Steficek served as structural engineer. EUROMARBLE S.r.l. served as the stone quarry. The project was expected to be completed in late 2020. Exterior work was ongoing as of August 30, 2020. Façade work was near completion as of April 20, 2021. Construction was close was completion as of June 26, 2022. Construction was completed on or around August 10, 2022.

Staff comments

1. While it is Brookfield Properties, Inc. was in a joint venture with The Swig Company, LLC for this project, the loan is described as to Brookfield Properties by the sources. It is plausible, if not likely, that the specific borrowing institution was a special purpose vehicle subsidiary of Brookfield Properties or even the actual joint venture with Swig Company. This issue merits further investigation.