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lackstone and Fisher Brothers have secured an $850 million mortgage for 1345 Sixth Avenue in Midtown Manhattan, but the loan's short two-year term suggests lender caution in the office market. The property has seen significant leasing activity recently, including a large lease from Intercontinental Exchange and a major deal with law firm Paul Weiss, which occupies nearly half of the building. A $120 million capital project has also improved the property's amenities.

    The loan, provided by Morgan Stanley, Citigroup, and JPMorgan Chase, comes due in two years but includes three one-year extension options if certain financial conditions are met. The mortgage was disclosed by credit rating agency KBRA, which reported that Fisher Brothers made a $175 million down payment while Blackstone contributed $168 million.

    The deal marks Blackstone's return to the Manhattan office market after a three-year hiatus, during which it acquired a 49% stake in One Manhattan West from Brookfield and the Qatar Investment Authority. The property's recent leasing activity and capital improvements have bolstered its performance, but ownership still faces challenges, including a $200 million requirement for tenant improvements on behalf of Paul Weiss.