RXR Recapitalizes 75 Rockefeller Plaza with Hedge Fund Farallon

RXR and affiliates of hedge fund Farallon Capital Management, L.L.C. have closed on the recapitalization of 75 Rockefeller Plaza at 15 W. 51st St. in Midtown Manhattan. The recap is valued at $200 million, according to published reports.

The transaction, which closed last week, represents RXR’s seventh recapitalization through its 3R Strategy: resetting basis, restructuring debt and re-tenanting space. Over the past two years, RXR has recapitalized more than nine million square feet of Class A Manhattan office buildings for a total of $5 billion.

“We’ve never wavered in our belief in New York City’s office market, but we’re disciplined about backing the right assets,” said Scott Rechler, chairman and CEO of RXR. “The recapitalization of 75 Rock reflects our conviction that premier properties in world-class locations will continue to outperform.”

JLL served as structuring advisor for the transaction. Newmark served as RXR’s capital advisor. Anchored by Merrill Lynch Wealth Management, 75 Rock is 95% leased.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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