The $1.25 billion refinancing of 3 Bryant Park last February wasn’t only good news for owner Ivanhoe Cambridge and the 1.2 million square-foot office tower.

Drew Isaacson, part of the JLL capital markets team that arranged the refi by Wells Fargo, Bank of America and Bank of Montreal, said it “kicked off the return of the high-end lending market,” which mostly sat on the sidelines as the office market struggled to recover from the pandemic.

Since the 3 Bryant Park deal “solidified that the lending market was open again,” Isaacson said, Manhattan has seen one major investment-sale transaction after another. 4

The most notable was the $1.08 billion purchase of 590 Madison Avenue by RXR and Elliott Investment Management, the highest price paid for an office tower in more than three ye

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