New York – Attorneys with the law firm of Thompson & Knight LLP advised United Overseas Bank (“UOB”) in a $135 million acquisition and pre-development loan for the eventual development of an 80-story, mixed use tower located in New York’s Financial District. The equity structure included parties from China, Israel, and Italy as well as mezzanine debt from an Indian pharmaceutical company making a treasury investment.
David W. Jones and Joseph A. Sarcinella led a team of Thompson & Knight attorneys, including Brandon L. Bloom, Michael V. Blumenthal, Noam Greenberg, Dan J. Hopper, Briggs A. Knight, and William M. O’Connor.
“This transaction had an ambitious 14-day timetable and various other complexities,” said Sarcinella, Counsel in the Firm’s Real Estate and Banking Practice Group. “Our team successfully worked through the intricacies of the transaction including, an equity structure with three different joint ventures, mezzanine debt, and international guarantors, which necessitated review of enforceability opinions from overseas counsel. We also negotiated with five other domestic law firms and special overseas counsel.”
Once completed, 125 Greenwich Street will become Lower Manhattan’s tallest residential skyscraper at 1,356 feet tall, only a dozen feet less than One World Trade. The mixed use tower is planned to be 77-stories tall with the building’s gross area totaling 453,628 square feet. No completion date has been set.