Billionaires’ Row Tower Valued at $600 Million in Refinancing

Cain and Alchemy-ABR Investment Partners obtained a $321 million loan for an office tower on Manhattan’s Billionaires’ Row, the latest reflection of surging demand for high-end office space.

The transaction will value the property, located at 125 W. 57th St., at more than $600 million once certain leasing milestones are reached, according to a person familiar with the matter who requested anonymity to discuss valuation.

The building overlooks Central Park, and some recent leases have exceeded $300 a square foot, Bloomberg has previously reported. Tenants include Todd Boehly’s Eldridge Industries, which is an investor in Cain, as ...