Shearman & Sterling represented affiliates of Solow Realty & Development Company LLC in connection with a $1.2 billion, 10-year fixed-rate first-lien fee and leasehold mortgage for the renowned 9 West 57th Street building in New York City. 9 West 57th Street is recognized as one of the nation’s premier trophy office buildings due to its architecture, location and unobstructed Central Park views. Financing was provided by JP Morgan Bank, National Association. A portion of the loan proceeds was used to defease the existing $625 million loan originated in 2012, which was held in a single asset securitization.
9 West 57th Street commands some of the highest per-square-foot office rents in Manhattan and serves as headquarters for Chanel, Inc., Apollo Global Management Holdings, L.P., Och Ziff Management LP, Tiger Global Management LLC., Ruane, Cunniff & Goldfarb Inc., Benefit Street Partners LLC and other highly regarded private equity firms.
The Shearman & Sterling team included associates Andrew Smook and Kris Ferranti; counsel Peter Strauss; and partner Chris Smith (all New York-Real Estate).