452 Fifth Avenue

Property & Building Corporation (PBC) secured $385 million from the Tel Aviv Stock Exchange to pay off a JP Morgan Chase loan on its Bryant Park office tower. This financing will help PBC reposition the building, now known as 10 Bryant, after HSBC vacates next year. The 30-story tower at 452 Fifth Avenue, recently 99% leased, was purchased by PBC in 2010 for $330 million and renovated for over $100 million. The deal is notable as U.S. developers rarely secure Israeli bonds due to past defaults, but PBC succeeded due to its Israeli parent company.