Newmark Group Inc. (NASDAQ: NMRK) arranged a $1.65 billion refinancing for One Madison Avenue, a Manhattan office building overlooking Madison Square Park, according to a company statement.

The transaction represents the largest U.S. office commercial mortgage-backed securities issuance in the past 12 months, based on Newmark Research data. The financing was priced at 181 basis points over the U.S. Treasury index, resulting in an all-in rate of 5.81%, and replaces a previous $1.25 billion construction facility.

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 to the team.

One Madison Avenue combines a restored historic base with a newly constructed 550,000-square-foot tower. The property is fully leased to tenants including IBM, Franklin Templeton, Palo Alto Networks, FanDuel, Sigma Computing and Harvey AI.

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

According to Newmark Research, direct availability in Manhattan trophy office assets dropped to 3.7% by the end of 2025. The research indicates demand for high-quality office space continues to concentrate in top-tier assets across gateway markets.

Newmark generated revenues of nearly $3.3 billion for the twelve months ended December 31, 2025, and operates from approximately 175 offices with over 9,300 professionals across four continents as of that date.