On Friday, Tishman Speyer announced that it had successfully refinanced the Rockefeller Center campus with a $3.5 billion CMBS loan, making it the largest issuance ever for a single office asset. The five-year loan has a fixed interest rate of 6.2265% and was co-led by Bank of America and Wells Fargo.
The proceeds from this loan will be used to pay off the previous 20-year CMBS loan worth $1.7 billion as well as additional mezzanine financing set to mature in May 2025. It will also fund reserves for contractual leasing costs.
According to Tishman Speyer CEO Rob Speyer, “We are proud of our stewardship of Rockefeller Center.” He added that the overwhelming response from lenders is a testament to their successful redevelopment efforts and confidence in top-performing assets.
Rockefeller Center is jointly owned by Henry Crown & Co., an investment fund based in Chicago owned by the Crown family, and Tishman Speyer.
This refinance comes at an opportune time as Tishman Speyer’s comprehensive redevelopment project for this iconic 13-building campus nears completion.
