Investors Pile Back Into Bonds Tied to NYC Office Buildings

Investors are back to buying office bonds after about two years on the sidelines, committing billions to deals that refinance New York City towers even as the future for older, less well-known buildings remains unclear.

From the Seagram Building to The MetLife Building, owners of Manhattan’s trophy offices — prime buildings in desirable locations — have sold a slew of commercial mortgage backed securities in 2025. That builds on momentum from the fourth quarter of last year, when there was a $3.4 billion CMBS sale tied to the Rockefeller Center.

Sales of these bonds were dead for much of ...