Durst Org. and Bank of America refinance One Bryant Park; Rosenberg & Estis; Orrick, Herrington & Sutcliffe; Chatham Financial are advisors

Manhattan, NY The Durst Organization and Bank of America have closed a $1.6 billion refinancing of One Bryant Park. The financing combined a $950 million CMBS loan with a $650 million Liberty Bond loan, and the weighted average coupon for the 10-year financing is 2.60% per annum. Bank of America led the securitization and underwriting of both loans, and the borrower was advised by Rosenberg & Estis as lead counsel, Orrick, Herrington & Sutcliffe as special counsel and Chatham Financial as financial advisor. Ira Marx, CFO, with assistance from Lucas Durst led The Durst Organization’s team.

“We are extremely pleased with the terms of the refinancing of One Bryant Park which reflects the strength of the asset,” said Jonathan Durst, president of The Durst Org. “The partnership we formed with Bank of America over a decade ago to build the first LEED Platinum skyscraper in the U.S. created a new standard for sustainable building in New York City and across the world.

We are especially proud that One Bryant Park has established new benchmarks for operational efficiency and has integrated user efficiency and the health and welfare of its occupants into the sustainable building lexicon.”

The 2.35 million s/f Bank of America Tower at One Bryant Park sets a new standard in high-performance buildings. The LEED Platinum skyscraper’s primary tenant is Bank of America and the 51-story building is 100% leased.

Ownership of the tower is a joint venture between The Durst Org. and Bank of America.

Tags: Brokerage

Reprint

Previous Story Next Story

1540 Broadway signs 226,500 s/f of leasing as repositioning drives demand

Manhattan, NY GFP Real Estate and BDT & MSD Partners (BDT & MSD) secured 226,500 s/f of new leasing at 1540 Broadway since unveiling the tower’s $150 million repositioning in January

Olmstead Properties continues leasing momentum at 381 Park Ave. South with 9,946 s/f of new office leases

SL Green Realty inks 34,564 s/f of leasing at 711 Third Ave.

SL Green inks 34,564 s/f of leasing at 711 Third Ave.

NAI Long Island brokers sale of 2,500 s/f office for $680,000

Merrell of Island Associates sells 1,400 s/f medical office - $650,000

Merrell of Island Assocs. sells 1,400 s/f medical office

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Movers & Milestones

Grossjung and Barsegyan join H2M architects + engineers

Columns and Thought Leadership

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.