One Bryant Park

The firm acted as underwriters’ counsel in connection with the offering of $650 million of tax-exempt refunding bonds to refinance the construction of One Bryant Park at Times Square, a 51-story office building with approximately 2.35 million rentable square feet. Bank of America is the principal tenant. This municipal bond financing was effected in conjunction with a $650 million collateralized mortgage backed securities financing. Both debt issuances were secured by mortgages on the office tower, with the CMBS financing having a senior priority to that afforded the municipal bondholders, and both loans were serviced under a CMBS-type financing structure using a single servicing agreement to service both loans as one. The municipal bonds were themselves divided into three classes of securities, each having differing priorities in the collateral and security structure.