Press Release|CMBS
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KBRA Affirms the Ratings for Two Classes of One Bryant Park Trust 2019-OBP

5 Aug 2026   |   New York

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KBRA affirms its outstanding ratings for the CMBS certificates in the One Bryant Park Trust 2019-OBP CMBS SASB transaction. KBRA simultaneously upgrades the three tax exempt Liberty Certificates that are part of the Second Priority Liberty Revenue Refunding Bonds, Taxable Series 2019 transaction. See Second Priority Liberty Revenue Refunding Bonds, Series 2019 ratings change press release. The rating changes follow a surveillance review of the transaction, which has exhibited improved performance since securitization, primarily as a result of a new long-term master lease with the primary tenant and loan sponsor, Bank of America (an HQCWT), resulting in a KNCF and KBRA value that are 53.1% and 47.4% higher than at securitization, respectively. In addition, the rating changes also reflect the high quality of the asset and the experience of the sponsors.

The transaction collateral consists of a $950.0 million non-recourse, first lien mortgage loan that is cross defaulted with a $650.0 million subordinate, tax-exempt Liberty Bonds Loan that is held in a separate trust. The loans are secured by the borrower's leasehold interest in a 2.4 million sf office property at One Bryant Park, New York, also known as The Bank of America Tower. The building was constructed in 2009 by affiliates of the sponsors, The Durst Organization and Bank of America. It consists of 2.4 million sf of office space, 56,772 sf of theatre space, and 22,859 sf of retail space.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $191.9 million and a KBRA value of $2.8 billion ($1,206 per sf). The resulting all-in KLTV, inclusive of the Liberty Bonds Loan, is 56.3%, compared to 83.7% at last review and 83.0% at securitization. KBRA also revises its KPO to Outperform from Perform on the loan. In completing the analysis, KBRA considered the structure of the subordinate Liberty Bonds Loan that serves as collateral for the tax-exempt Liberty Bonds. More information on the Liberty Bonds is available in the One Bryant Park Trust 2019-OBP Pre-Sale Report.

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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