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KBRA Affirms All Ratings for 1345 Trust 2025-AOA

11 Jun 2026   |   New York

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KBRA affirms its outstanding ratings for 1345 Trust 2025-AOA, a $650.0 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decrease in KNCF since securitization; however, rating adjustments are not warranted at this time.

The collateral for the transaction is a $650.0 million portion of an up to $850.0 million non-recourse, first lien mortgage loan, which includes a $200.0 million pari passu future funding companion loan held outside of the trust. The mortgage loan is collateralized by the borrower’s fee simple and leasehold interests in 1345 Avenue of the Americas, a 50-story, Class-A, LEED Silver office tower located along Sixth Avenue between West 54th and 55th Streets in the Midtown neighborhood of New York City’s borough of Manhattan. The loan sponsor is an affiliate of Blackstone, a private equity, alternative asset management, and financial services firm. The property is managed by Fisher Brothers Management Co. LLC, a sponsor affiliate.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $77.7 million and a KBRA value of $970.8 million ($483 per sf). The resulting in-trust KLTV is 87.6%, compared to 84.3% at securitization. The largest tenant in the collateral property, Paul, Weiss, Rifkind, Wharton & Garrison LLP, has a free-rent period until July 2027. We gave credit for the tenant’s full rent in our analysis. KBRA assigns a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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