Blackstone Closes on $1.8B Financing for The Spiral


Fried Frank acted as counsel to Blackstone Mortgage Trust, Inc. (NYSE: BXMT) in connection with its US$1.8 billion financing for Tishman Speyer's construction of The Spiral, a 2.8-million-square-foot trophy office building located in the Hudson Yards district of New York City. Upon completion, The Spiral will be a 65-story, Class AA office tower featuring one-of-a-kind architecture designed by BIG-Bjarke Ingels Group featuring a cascading series of landscaped terraces and hanging gardens, unobstructed river and city views and column-free floor plates. 
The financing represents BXMT's largest ever single asset origination and third construction financing for Tishman Speyer, one of the leading owners, developers and operators of first-class real estate worldwide. 
The Fried Frank team was led by real estate partner Michael J. Barker and included finance partner Julian S.H. Chung; real estate special counsel Suzanne deVries Decker; real estate associates Kabaye Liku, Janelle N. Christian, Tess E. Rowley, Philip M. Fitzpatrick, Matthew S. McElroy, and Shelby E. Smith; and corporate real estate associate Adam L. Streicher.