News
DURST BEATS SPAIN; THE DEAL SHEET
July 12, 2010
| . . . at least in terms of headlines in real estate publications. The Durst Org. came out on top of the One World Trade Center Cup, scoring a deal to negotiate the acquisition of an equity membership in the tower after a competitive six-month process against other prominent firms. It then closed the game with another goal—a $1.3B refinancing for The Bank of America Tower at One Bryant Park. |
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| The Port Authority said it chose Durst because its proposal best aligned with the agency's interests in the tower's long-term success and for its green prowess. Under the proposal, Durst will make a minimum investment of $100M to acquire a membership interest in One WTC and assist PANYNJ with ongoing construction and property management for financial return tied to its equity interest and the performance of the building. As for the $1.3B loan, it's comprised of $650M in Liberty Bonds and $650M in CMBS. The term is 10 years for the CMBS and over 30 years for the Liberty Bonds, underwritten by (you guessed it) BoA and JPMorgan. |
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| National Union Fire Insurance of Pittsburgh, Pa., a subsidiary of AIG, also made a prominent play this week, extending its lease at 101 Hudson St. in Jersey City. NUFIC will immediately surrender the 14th floor and continue to lease 341k SF at the property through '12, and will lease 271k SF through '18, commencing Jan. 1, 2013. Cushman & Wakefield's Joseph Sarno and Jeremy Neuer represented the tenant. Mack-Cali is the owner. |
