Wells Fargo Secures Refinancing for 2 Manhattan West
A joint venture between Brookfield and the Qatar Investment Authority (QIA) has secured a $1.9 billion CMBS loan to refinance 2 Manhattan West, the 58-story office tower that debuted in 2023. Newmark, led by Jordan Roeschlaub and Nick Scribani, arranged the financing, while Wells Fargo led the deal.
According to Brookfield, the decade-long loan was priced at a 5.53% coupon, representing 107 basis points over the 10-year Treasury yield. This refinancing is expected to be highly beneficial for the owners, allowing them to pocket $273 million in cash returns. The transaction follows another major deal for a trophy Manhattan, N.Y., office space — a $1.8 billion CMBS refinancing for the Soloviev Group’s 50-story tower at 9 W. 57th St.
David Putro, senior vice president and sector lead at Morningstar Credit Analytics, noted that these consecutive, nearly $2 billion loans signal ongoing momentum for premier office assets in prime Midtown locations.
“While there is still a high level of distress in legacy office loans, pricing on top-tier office has stabilized and become a very favorable subsector for investors,” he said. “I think commercial real estate, in general, is viewed as a safe haven among all the tumult with geopolitical issues.”
As of April 2026, 2 Manhattan West was 97% leased with average gross rents reaching $132 per square foot, per an S&P Global Ratings analysis. The building’s tenant roster includes high-profile firms such as Cravath Swaine & Moore (481,000 square feet); KPMG (450,000 square feet); and hedge fund D.E. Shaw (283,000 square feet). Other major occupants include the international law firm Clifford Chance and the Argentine bank Banco Bilbao Vizcaya Argentaria.
The property features modern amenities, including a fitness and wellness center; conference facilities; bike storage; and a 3,200-square-foot, landscaped terrace. Despite the scale of the deal, representatives for Wells Fargo, QIA and Brookfield did not immediately provide comments on the transaction. The successful refinancing highlights the market’s appetite for newly constructed, high-occupancy trophy assets amidst broader volatility in the commercial real estate sector.
Diana Sabau
Senior Content Writer, CRE News & Market Analysis
Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.
