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Newmark Arranges $1.65 Billion Refinancing of One Madison Avenue in New York City

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(Positive)
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Newmark (Nasdaq: NMRK) arranged a $1.65 billion refinancing for One Madison Avenue in Manhattan on March 30, 2026. The loan priced at 181 bps over U.S. Treasuries for an all-in rate of 5.81%, replacing a prior $1.25 billion construction facility.

The fully leased, 550,000-square-foot trophy office overlooks Madison Square Park and houses tenants including IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing and Harvey AI. Newmark said this was the largest U.S. office CMBS issuance in the past 12 months and cites Manhattan trophy availability at 3.7% at end-2025.

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Positive

  • $1.65B refinancing secured for One Madison Avenue
  • Transaction priced at 181 bps over Treasuries (all-in 5.81%)
  • Property is 100% leased to global technology, AI and finance tenants
  • Replacement of prior $1.25B construction facility reduces development-level leverage

Negative

  • New secured debt of $1.65B increases outstanding loan balance versus prior facility
  • All-in financing cost at 5.81% represents a material fixed interest expense

News Market Reaction – NMRK

+2.66%
2 alerts
+2.66% Session close to close
$2.76B Market Cap
0.6x Rel. Volume

In the Mar 30 session, NMRK gained 2.66%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Newmark’s role in arranging a $1.65 billion refinancing for One Madison...
Analysis

This announcement highlights Newmark’s role in arranging a $1.65 billion refinancing for One Madison Avenue, described as the largest U.S. office CMBS issuance in the past 12 months. The asset is 100% leased and located in a Manhattan market where trophy-asset availability was 3.7% by late 2025. Together with recent large advisory and leasing assignments, the news underscores Newmark’s placement within high-end office and capital markets, while broader office and rate conditions remain key watchpoints.

Key Figures

Refinancing size: $1.65 billion Prior facility: $1.25 billion Credit spread: 181 basis points +4 more
7 metrics
Refinancing size $1.65 billion Refinancing of One Madison Avenue
Prior facility $1.25 billion Replaced construction financing
Credit spread 181 basis points Spread over U.S. Treasury index
All-in rate 5.81% Interest rate on refinancing
Tower size 550,000 square feet Newly constructed tower at One Madison Avenue
Leasing status 100% leased Occupancy at One Madison Avenue
Direct availability 3.7% Manhattan trophy asset availability by end of 2025

Historical Context

5 past events · Latest: Mar 25 (Positive)
Pattern 5 events
Date Event Sentiment 24h Move Catalyst
Mar 25 Advisory mandate Positive +2.7% Strategic advisory role on One Beverly Hills ultra-luxury mixed-use project.
Mar 25 Advisory mandate Positive +2.7% Update highlighting largest non–data center construction loan for mixed-use project.
Mar 17 Leasing assignment Positive +1.9% Exclusive leasing and management of 4.2M sq ft flex and office portfolio.
Mar 09 Industry recognition Positive +1.5% Inclusion on IAOP 2026 Global 100® for 17th consecutive year.
Feb 25 Earnings release Neutral -0.5% Fourth quarter and full-year 2025 financial results and dividend declaration.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent company news on major mandates and recognitions has generally coincided with modest single-day share gains, while earnings produced a small, mixed reaction.

Recent Company History

Over the last few months, Newmark has highlighted a series of large, advisory-driven milestones. In February–March 2026, it reported strong 2025 results, a dividend and guidance, secured a 4.2 million-square-foot leasing and management assignment in suburban Philadelphia, and advised on One Beverly Hills, described as the largest non–data center construction loan for a U.S. mixed-use project. Those news items saw single-day moves between about +1.47% and +2.73%. Today’s $1.65 billion refinancing mandate at One Madison Avenue fits this pattern of high-profile capital markets and advisory wins.

Key Terms

cmbs, basis points
2 terms
cmbs financial
"Transaction Marks Largest U.S. Office CMBS Issuance in Past 12 Months"
Commercial mortgage-backed securities (CMBS) are financial products made by bundling many commercial real estate loans — such as those on office buildings, shopping centers, and apartment complexes — and selling pieces of that bundle to investors. Think of it like a fruit basket: each investor owns a share of many loans rather than one property, so returns come from the borrowers’ mortgage payments and the value of the underlying properties; investors watch CMBS for steady income but also for sensitivity to property market conditions, tenant occupancy and interest rates.
basis points financial
"priced at a spread of 181 basis points over the U.S. Treasury index"
Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Transaction Marks Largest U.S. Office CMBS Issuance in Past 12 Months1

NEW YORK, March 30, 2026 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company arranged a $1.65 billion refinancing for One Madison Avenue, a fully leased, trophy office asset overlooking Madison Square Park in Manhattan. The transaction represents the largest U.S. office CMBS issuance over the past 12 months and underscores continued institutional demand for high-quality office investments.

Newmark Co-President of Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Nick Scribani represented owner SL Green Realty Corp. in the transaction, with Senior Managing Director Ricky Braha contributing alongside the team. The financing was priced at a spread of 181 basis points over the U.S. Treasury index, resulting in an all-in rate of 5.81% and replacing a prior $1.25 billion construction facility.

"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."

Located adjacent to Madison Square Park, One Madison Avenue is a reimagined, next-generation office development combining a restored historic podium with a newly constructed 550,000-square-foot tower. The property is 100% leased to a roster of leading global tenants across technology, artificial intelligence and financial services, including IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing and Harvey AI.

"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."

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

According to Newmark Research, demand for high-quality office space continues to concentrate in top-tier assets across gateway markets, as tenants prioritize performance, experience and talent attraction. Direct availability in Manhattan trophy assets such as One Madison dropped to just 3.7% by the end of 2025, reinforcing investor confidence in well-located, highly amenitized office properties that meet evolving occupier needs.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. 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 together operated from approximately 175 offices with over 9,300 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

1 According to Newmark Research

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/newmark-arranges-1-65-billion-refinancing-of-one-madison-avenue-in-new-york-city-302728875.html

SOURCE Newmark Group, Inc.

FAQ

What refinancing did Newmark arrange for One Madison Avenue (NMRK) on March 30, 2026?

Newmark arranged a $1.65 billion refinancing for One Madison Avenue. According to Newmark, the loan replaced a prior $1.25 billion construction facility and priced at 181 basis points over U.S. Treasuries for an all-in rate of 5.81%.

How large is One Madison Avenue and who are its tenants relevant to NMRK investors?

One Madison Avenue is a reimagined office with a 550,000-square-foot tower and restored podium, fully leased. According to Newmark, tenants include IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing and Harvey AI.

Why is the $1.65B CMBS refinancing significant for the U.S. office market and NMRK?

The transaction was the largest U.S. office CMBS issuance in the past 12 months. According to Newmark, it signals institutional demand for top-tier office assets in gateway markets like Manhattan.

What pricing and rate did Newmark achieve on the One Madison Avenue financing (NMRK)?

The loan priced at 181 basis points over the U.S. Treasury index with an all-in rate of 5.81%. According to Newmark, this reflects strong investor demand for premier office credit profiles.

How does One Madison Avenue's leasing status affect investor confidence in NMRK's arranged deal?

The property is 100% leased to leading global tenants, bolstering cashflow stability. According to Newmark, low direct availability in Manhattan trophy assets (3.7% at end-2025) supports investor interest.

Did the refinancing change the capital structure for the One Madison Avenue owner represented by Newmark?

Yes. The new financing of $1.65 billion replaces the prior $1.25 billion construction facility. According to Newmark, the transaction converts development financing into a stabilized CMBS loan at a fixed all-in rate.