NEW YORK CITY — In one of the largest CMBS deals of the past two years, a joint venture between The Durst Organization and Bank of America has secured $1.3 billion for the refinancing of Bank of America Tower at One Bryant Park. The loan consists of $650 million in CMBS funding and $650 million in Liberty Bonds. The CMBS portion carries a 10-year term, and the Liberty Bonds carry a 30-year term. Bank of America and JP Morgan were the underwriters.
Bank of America Tower was constructed in 2008 in Midtown Manhattan. It contains 2.1 million square feet of office space over 52 stories. In May, the building received LEED-Platinum certification from the U.S. Green Building Council — making it the first skyscraper to earn the highest designation of the LEED program. At the close of financing, the tower was 98 percent occupied. Bank of America is the primary tenant and houses its New York City operations in the building.
In a statement, Jonathan Durst, president of The Durst Organization, said, “One Bryant Park has proven to be trailblazer. It was the first LEED-Platinum offfice tower in the United States. It was the largest skyscraper designed and built after September 11, 2001, and it was the first building to get a large loan after the credit markets froze in 2008. We are hopeful that this refinancing will stimulate the CMBS market and engender more lending and economic growth for New York City and the nation.”
— Coleman Wood