Cices of Troutman Sanders represents Bank of China in $800 million refinancing

The Bank of China's New York branch has refinanced 245 Park Ave., considered one of the city's most prestigious office buildings and home to JP Morgan Chase Bank, N.A. and Major League Baseball. Under the deal, Bank of China has agreed to provide an $800 million fixed loan on 1.8 million s/f of office space-one of the biggest loans on a single property since 2008. This also highlights a recent trend by the Bank of China in investing in some of the most impressive class A buildings in the city over the past several years, creating a 'luxury portfolio' of sorts. Some deals of this caliber include: 1515 Broadway, which closed for $475 million; 63 Madison Ave., which closed for $120 million; and 600 Lexington Ave., which closed for $125 million, among others. This deal is also indicative of the larger trend of foreign banks, who have most recently gained significant leverage in the New York real estate market. Simon Cices, a partner with the international law firm Troutman Sanders, represented the Bank of China.