RXR and Farallon Close $200M Recapitalization of 75 Rockefeller Plaza
RXR, in partnership with affiliates of hedge fund Farallon Capital Management, L.L.C., has completed the $200 million recapitalization of 75 Rockefeller Plaza, located at 15 West 51st Street in Midtown Manhattan.
The deal, which closed last week, marks RXR’s seventh such transaction through its 3R Strategy — which focuses on resetting asset basis, restructuring debt, and re-tenanting space. Over the past two years, RXR has recapitalized over nine million square feet of Class A office space in Manhattan, totaling approximately $5 billion in value.
“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 the structuring advisor for the transaction, while Newmark acted as RXR’s capital advisor. The property is anchored by Merrill Lynch Wealth Management and is currently 95% leased.
