Dechert Advises Bank Syndicate led by J.P. Morgan on US$2.85 Billion CMBS Loan for Landmark NYC Tower
Dechert advised J.P. Morgan Chase Bank and co-lenders Bank of America, Wells Fargo and Goldman Sachs on the successful refinancing of The Spiral, a new trophy office tower in New York City.
The US$2.85 billion CMBS loan marks the first major single-asset, single-borrower (SASB) deal of its kind in 2025, a year analysts predict will be a banner year for SASB issuance.
Dechert previously closed another record-breaking CMBS transaction in 2024, advising Bank of America and Wells Fargo as lender’s counsel on the refinancing of the iconic Rockefeller Center in Midtown Manhattan. Both Rockefeller Plaza and The Spiral properties are jointly owned by Tishman Speyer and the Henry Crown & Co. real estate companies.
The team that advised the J.P. Morgan-led bank syndicate was headed by global finance partner Jason S. Rozes along with counsel Steven G. Kalnoki and associates Seth Ivey, Sarah Shanoudy, Leigh H. Pisane Cortez and Lizzie Tremblay.
Global finance partners Stewart McQueen and Ella-Marie Smith along with associates Keith Harden and Derek Runyan also represented J.P. Morgan on the SASB securitization of the loan.
About Dechert
Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology.