Law Firm Serves as Legal Counsel to Durst Organization in $900M Refinancing of 1.8M Square-Foot Office and Retail Building at 151 W 42nd Street, Formerly Known as 4 Times Square
For Immediate Release
Shea Communications, LLC
George Shea, Mark Faris (212) 627-5766
Rosenberg & Estis served as legal counsel to The Durst Organization in connection with the $900 million refinancing (as well as the related defeasance of the prior existing mortgage) of the approximately 1,800,000-square-foot office and retail building located at 151 West 42nd Street (formerly known as 4 Times Square) in Manhattan. The financing was provided by a syndicate of lending institutions led by JP Morgan Chase Bank and Wells Fargo Bank.
Dennis I. Hellman and Kamilla Bogdanov of Rosenberg & Estis represented The Durst Organization in this refinancing, which closed on April 8, 2019.
The vast majority of the office space in the building had formerly been leased to Conde Nast (which has already relocated to One World Trade Center) and Skadden Arps (which will be moving to a newly constructed building near the Hudson Yards). To enhance its ability to attract new tenants to the building, The Durst Organization invested more than $170 million in capital improvements including constructing a new entrance and lobby, making state-of-the-art base building upgrades and energy efficient technological improvements and adding a tenant amenity floor that includes a food hall, cafe and conference spaces.
Mr. Hellman commented that “The Durst Organization’s huge investment has already paid dividends as the client has successfully re-leased more than 1,000,000 square feet in the building, including most of the former Conde Nast space and a portion of the Skadden Arps space.” Those leases include the recently consummated more-than-200,000-square-foot lease with Bank of Montreal’s BMO Capital Markets. The $900 million facility includes a $120 million leasing tranche, which will be available for leasing costs required to lease up of the balance of the available space in the building.