KBRA Affirms All Ratings for BXP Trust 2017-GM

KBRA affirms all outstanding ratings for BXP Trust 2017-GM, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decline in performance since issuance. However, the magnitude of the change does not warrant rating adjustments at this time. The ratings affirmations reflect the asset’s quality and location, the sponsor’s experience owning high-quality office properties, and the limited lease rollover exposure through maturity and beyond.

The transaction collateral is a non-recourse, first-lien mortgage loan secured by the borrower’s fee simple interest in a 2.0 million-sf office tower known as the General Motors Building (GM Building) in the Manhattan borough of New York City. As of June 2025, the whole loan has an outstanding balance of $2.30 billion ($1,156 per sf), of which $1.55 billion ($781 per sf) is trust collateral. The sponsor of the borrower is Boston Properties, a publicly traded real estate investment trust (REIT) which has a 60.0% ownership interest in the borrower.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $182.4 million and a KBRA value of $2.8 billion ($1,410 per sf). The resulting KLTV is 82.0%, compared to 85.0% at last review and 77.9% at issuance. KBRA maintains a KPO of Perform on the loan.

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