Newmark Arranges $1.65B Refinancing of One Madison Avenue in Largest U.S. Office CMBS Deal in a Year

Newmark Group, Inc. (Nasdaq: NMRK) has arranged a $1.65 billion refinancing for One Madison Avenue, a fully leased office tower adjacent to Madison Square Park in Manhattan, the firm announced March 30, 2026. The transaction represents the largest U.S. office CMBS issuance over the past 12 months and replaces a prior $1.25 billion construction facility, underscoring a continued reopening of commercial real estate financing markets for top-tier office assets.

The debt was priced at 181 basis points over the U.S. Treasury index, resulting in an all-in rate of 5.81%. The property is owned by SL Green Realty Corp.

Transaction Details and Deal Team

Newmark Co-President of Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Nick Scribani led the assignment on behalf of SL Green Realty Corp., with Senior Managing Director Ricky Braha contributing alongside the team. The financing was structured as a commercial mortgage-backed securities (CMBS) issuance.

"This transaction demonstrates the depth and precision of capital available for best-in-class office assets," said Roeschlaub. "Institutional investors continue to aggressively pursue high-quality opportunities with strong tenancy, differentiated product and long-term relevance. One Madison Avenue represents exactly that."

"Execution at this scale reflects both the strength of the sponsorship and the evolving credit profile of premier office assets," said Scribani. "The transaction achieved exceptional investor demand and pricing, reinforcing the continued reopening of capital markets for top-tier office product in gateway markets."

About One Madison Avenue

One Madison Avenue is a reimagined office development that combines a restored historic podium with a newly constructed tower. The property spans approximately 550,000 square feet of newly constructed tower space and is 100% leased to a roster of tenants across technology, artificial intelligence, and financial services sectors. Tenants include IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing, and Harvey AI.

The asset features amenities designed to support modern workplace demands, including 100% outside air systems, expansive natural light, hospitality-driven shared spaces, and curated retail offerings.

Office Real Estate Market Context

The refinancing comes amid a broader flight-to-quality dynamic in the office real estate sector. According to Newmark Research, direct availability in Manhattan trophy office assets fell to just 3.7% by the end of 2025, reflecting scarcity of premium product in gateway markets.

Tenant demand has increasingly concentrated in top-tier office buildings that offer strong locations, modern infrastructure, and premium workplace experiences. The $1.65 billion CMBS issuance — the largest of its kind in the U.S. office sector over the past year — signals that institutional capital markets are selectively reopening for stabilized trophy office assets.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisory and services firm serving institutional investors, global corporations, and other owners and occupiers. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners operated from approximately 175 offices with over 9,300 professionals across four continents.