On Friday, Tishman Speyer announced that it had successfully refinanced the Rockefeller Center campus through a $3.5 billion CMBS loan. This marks the largest CMBS 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 Rockefeller Center’s previous $1.7 billion CMBS loan, which was set to mature in May 2025, as well as additional mezzanine financing and reserves for contractual leasing costs.
According to Tishman Speyer CEO Rob Speyer, “We are proud of our management of Rockefeller Center.” He also noted that the overwhelming response from lenders speaks volumes about 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 a time when Tishman Speyer’s comprehensive redevelopment project for this renowned 13-building campus is nearing completion.
