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New York & Tri-State  + Midtown New York  + Office  |  August 23, 2019
Paul Bubny
By: Paul Bubny

Durst, BofA Refi One Bryant Park for $1.6B

The Durst Organization and Bank of America closed on a $1.6-billion refinancing of One Bryant Park, a 2.35-million-square-foot Midtown tower anchored by BofA. The financing combined a $950-million CMBS loan with a $650-million Liberty Bond loan.

BofA 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. CFO Ira Marx, with assistance from Lucas Durst, led the Durst Organization’s team.
Durst Organization president Jonathan Durst said the refi’s terms, including a weighted coupon average of 2.6% per annum, “reflects the strength of the asset.”

He added, “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.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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