JLL Capital Markets arranges $40M financing for Tribeca office asset

NEW YORK, Feb. 20, 2026 – JLL Capital Markets announced today that it has arranged a $40 million refinancing for 99 Hudson St., a 183,958-square-foot office building located in the heart of New York’s Tribeca neighborhood. 

JLL represented the borrower, an affiliate of Olshan Properties, a privately held real estate investment firm with a long-standing presence in New York City that specializes in the acquisition, repositioning and long-term ownership of commercial properties. The loan was provided by an insurance company.

Built in 1930, 99 Hudson St. is a 17-story Class B office building that was acquired by Olshan in 1983 and later upgraded with a new lobby, façade, elevators, mechanical and electric systems. Several floors feature expansive open plan loft office suites and the property is approximately 97% occupied by a diverse roster of tenants that includes Chobani, plant-based meal delivery service Daily Harvest, consulting firm HR&A Advisors and ODA Architecture, among others.

Located at the intersection of Hudson and Franklin Streets, 99 Hudson St. benefits from proximity to major transit lines and Tribeca’s growing mix of creative, technology and professional services tenants.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Steven Klein.

“Tribeca continues to stand out as a strong office submarket, supported by limited supply, low vacancy and sustained tenant demand,” said Klein. “This financing reflects lender confidence in both the asset’s performance and Olshan Properties’ long-term ownership strategy.”

The financing comes amid continued strengthening fundamentals across Manhattan’s office market. Leasing activity in 2025 reached its highest post-pandemic level, with more than 32 million square feet of activity, representing a 7% year-over-year increase, according to JLL Research. Over the course of the year, the city’s availability rate has fallen from 16.9% to 13.9% and there is now less available office space in New York than there was in 2019.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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