backATLANTA, Aug. 12, 2015 — King & Spalding advised Columbia Property Trust, Inc. on $1.2 billion in recent financing transactions. In a deal that closed Aug. 4, the firm advised the company on a $300 million, syndicated, six-month bridge loan agented by JPMorgan Chase Bank. The proceeds of this facility were used to fund the company’s acquisition of the 481,111-square-foot, Class-A office portion of New York’s historic New York Times Building, a 16-story, 731,596-square-foot building located in the Times Square submarket of Manhattan.
King & Spalding also advised Columbia Property Trust on an $800 million syndicated revolving credit and term loan facility agented by JPMorgan Chase Bank, and a $150 million syndicated term loan facility agented by Wells Fargo Bank. The proceeds of these facilities, announced July 30, were used to refinance existing indebtedness and will also be used for general working capital purposes.
Columbia Property Trust, Inc. is a publicly-traded real estate investment trust that operates, manages and acquires Class-A office buildings throughout the United States. As of Aug. 4, Columbia owned 28 office properties, containing 13.9 million square feet of office space plus one hotel.
The Atlanta-based King & Spalding team advising Columbia on these transactions was led by finance partner Craig Lee and included finance associate Lansing Lee and paralegal Carol Fraser, with corporate assistance from partner Alan Prince and senior associate Carrie Ratliff.
About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.