**Durst Secures $1.3B CMBS Refinancing for Times Square Office Tower**
The Durst Organization has successfully secured a $1.3 billion CMBS refinancing for its flagship property, One Five One, a 1.8-million-square-foot Class A office tower located at 151 West 42nd Street in the heart of Times Square, New York City.
Wells Fargo Bank, JPMorgan Chase, and Bank of America jointly originated the financing package, marking one of the largest real estate loans in Manhattan so far this year.
The interest-only, fixed-rate loan carries a 5.865% interest rate and matures in 2030. The refinancing is based on a loan-to-value calculation derived from an estimated property valuation of approximately $2.3 billion.
Legal counsel for the transaction was provided by Rosenberg & Estis, P.C., with firm members Gary M. Rosenberg, Eric S. Orenstein, and David B. Horn, along with counsel Zachary M. Rockoff and Zina S. Lyakhovetsky. Chatham Financial served as financial advisor to Durst.
“This financing underscores the enduring strength of premier office assets in core Manhattan markets and reflects Durst’s ongoing commitment to long-term asset value,” said Gary Rosenberg of Rosenberg & Estis. “We are honored to advise Durst in this milestone transaction and proud to have helped navigate the legal complexities associated with a multi-lender CMBS execution of this scale.”
The deal reinforces investor confidence in high-quality office properties within key urban districts, even as broader market dynamics continue to evolve.
