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Tishman Speyer Closes $3.5B CMBS Refi of Rockefeller Center
(Updated with additional information)
Tishman Speyer said Friday it had refinanced the Rockefeller Center campus via a $3.5-billion CMBS loan. Reportedly it’s the largest CMBS issuance ever for a single office asset.
Bank of America and Wells Fargo served as co-lead managers on the five-year, Single Asset Single Borrower loan with a fixed interest rate of 6.2265%. Proceeds will be used to pay off Rockefeller Center’s previous 20-year, $1.7-billion CMBS loan and additional mezzanine financing set to mature in May 2025, and fund reserves for contractual leasing costs.
“We are proud of our stewardship of Rockefeller Center,” said Tishman Speyer CEO Rob Speyer. “The lending market’s overwhelming response speaks volumes about the success of our redevelopment and their confidence in top-performing assets.” Rockefeller Center is co-owned by Henry Crown & Co, the Crown family’s Chicago-based investment fund, and Tishman Speyer.
The refi occurs as Tishman Speyer’s comprehensive redevelopment of the renowned 13-building campus nears completion. Dechert LLP advised Bank of America and Wells Fargo on the transaction. The Dechert team that advised Bank of America and Wells Fargo was led by global finance partners Jason Rozes and David Forti along with associates Seth Ivey and Leigh Pisane Cortez.
- ◦Financing
