Commercial Real Estate wins 2016 IFR North America Issue of the Year
Deutsche Bank’s Commercial Real Estate team won International Financing Review’s (IFR) North America Issue of the Year for Hudson Yards’ USD 1.2 billion CMBS.
Deutsche Bank’s Commercial Real Estate (CRE) team and Goldman Sachs were joint bookrunners and co-lead managers for 10 Hudson Yards, a 1.7-million-square-foot office tower that is part of the mixed use, urban renewal development of Manhattan’s west side. IFR said the transaction achieved “some of the tightest pricing levels of the year.”
Deutsche Bank and Goldman Sachs provided a USD 1.2 billion new issue CMBS to a limited partnership including The Related Companies, Oxford Property Group, Allianz, JP Morgan Asset Management, and KIA for 10 Hudson Yards.
When completed, the site will host dozens of office, retail, residential and cultural spaces, and link up with the popular High Line walkway and a new extension to New York’s subway.
“The ability to be involved in the newest, most innovative, environmentally efficient modern building in New York City is what really makes the transaction super-special,” Matt Borstein, Global Head of CRE, told IFR. “When the client has his most important transaction of the year – maybe in their company’s history – who is that client going to call? In this case, we were the phone call.”