Tishman Speyer has secured a $3.5 billion commercial mortgage-backed securities (CMBS) loan to refinance Rockefeller Center.
The loan is said to be the largest issuance ever for a single office asset – in this case, the 13-building, 7.3 million-square-foot campus in the heart of Midtown Manhattan. Bank of America and Wells Fargo are co-lead managers on the five-year, single-asset, single-borrower loan, which carries an approximately 6.2% fixed interest rate.
Tishman Speyer will use its new loan to pay off an existing $1.7 billion loan and mezzanine financing due in May 2025 and to cover leasing costs. Rockefeller Center is co-owned by Tishman Speyer and Henry Crown & Co.
“We are proud of our stewardship of Rockefeller Center,” Tishman Speyer CEO Rob Speyer said in a statement. “The lending market’s overwhelming response speaks volumes about the success of our redevelopment and their confidence in top performing assets.”
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