Dechert Advises Wells Fargo-Led Bank Syndicate in US$1.125 Billion Trophy Office Refinancing

Dechert advised Wells Fargo and co-lenders, Bank of America and Bank of Montreal, on the successful refinancing of 3 Bryant Park, one of New York City's premier office properties.

The refinancing of 3 Bryant Park, which houses Dechert’s New York office, marks a positive shift in market perception and an optimistic outlook for the future of the office sector. With its outstanding tenant roster, prime location and high occupancy, this transaction stands out as a significant post-pandemic milestone. Additionally, the increased lender and investor demand for office backed debt further emphasizes the growing confidence in the office sector.

Earlier this year, Dechert also advised on the refinancing and securitization of The Spiral, another landmark office property in New York City, marking the first major single-asset, single-borrower (SASB) office deal in 2025.

The Dechert team that advised Wells Fargo and co-lenders Bank of America and Bank of Montreal included global finance partner Justin Gdula, along with associates Drita Dokic and Nicole Belenitsky Crespo, and law clerk Michelle Zhang.

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 19 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.