Vornado refinances One Park Avenue Midtown South office tower with $525M four-bank loan

A syndicate of Wells Fargo, Morgan Stanley, Goldman Sachs, and PNC Bank provided Vornado a $525 million loan to refinance One Park Avenue, a 945,000-square-foot Class A office property in Manhattan's Midtown South. The loan replaced a prior $525 million CMBS loan, carries a two-year term with three possible extensions, and was arranged amid the property's appraised value declining slightly to $840 million from $875 million. New York University occupies approximately 74% of the building.