Dechert LLP‘s commercial real estate finance and commercial mortgage-backed securities teams have been at the forefront of the industry, structuring, originating and securitizing complex commercial financings across a broad range of asset classes including data centers, office buildings, multifamily and retail properties.
The teams had a stellar 2024, during which the firm advised on more than 40 single-asset, single-borrower (SASB) loans totaling nearly US$32 billion, and CMBS loans for trophy properties. These included a US$3.5 billion CMBS loan for Rockefeller Center – the largest CMBS loan for a single office property on record on which Dechert was both origination and securitization counsel.
Dechert has continued to excel in 2025 with over US$10 billion in real estate transactions closed in February alone, including:
- A US$2.05 billion SASB mortgage loan secured by four data center properties owned by affiliates of Blackstone
- A US$2.78 billion SASB mortgage loan to affiliates of Blackstone, secured by 93 retail properties across three states
- A US$2.4 billion SASB mortgage loan to subsidiaries of Switch, Ltd., secured by three data centers in Nevada
- A US$1.12 billion mortgage loan to a subsidiary of a CDPQ/Hines JV secured by the Three Bryant Park office building in New York
“Our early work on data center transactions has positioned the firm well as the data center market rapidly expands, driven by the demand for cloud services, IoT and AI technologies,” said Dave Forti, co-chair of Dechert. “At the same time, the resurgence of the office space market, fueled by companies implementing stricter return-to-office policies and increased leasing activity, marks a significant shift in commercial real estate investments.”
