Tishman Speyer has secured a $3.5bn (€3.2bn) loan facility for the Rockefeller Center campus to help refinance the New York City office asset’s existing debt obligations and to provide adequate reserves for contractual leasing expenses.
Tishman Speyer, which owns the Rockefeller Center alongside Henry Crown & Co, said the commercial mortgage-backed security (CMBS) loan will be used to pay off Rockefeller Center’s previous 20-year, $1.7bn CMBS loan and additional mezzanine financing set to mature in May 2025.
The new loan, the largest issuance ever for a single office asset, will also be used to fund reserves for contractual leasing costs.
Bank of America and Wells Fargo served as co-lead managers on the five-year single-asset single-borrower 6.2265% loan.
The Rockefeller Center, which is currently 93% leased, is home to companies such Deloitte, Lazard, Christie’s, Simon & Schuster and JP Morgan Chase.
The nearly century-old Rockefeller Center includes 7.3m sqft of workspaces, multi-level retail, popular attractions, private event spaces and a variety of dining options. Additionally, the complex features open spaces, such as the newly added 24,000sqft park atop Radio City Music Hall.
Tishman Speyer CEO Rob Speyer said: “The lending market’s overwhelming response speaks volumes about the success of our redevelopment and their confidence in top performing assets.”
Jim DeMare, president of global markets at Bank of America, said: “Bank of America is proud to have been able to support Tishman Speyer and lead the refinancing of this most iconic asset.”
