Tishman Speyer, through its subsidiaries, refinanced Rockefeller Center with a $3.5 billion single-asset single-borrower commercial mortgage-backed securities loan, originated by Bank of America and Wells Fargo as co-lead managers. The loan appears to be the largest issuance ever for a single office asset.
The new loan has a five-year term with a 6.2% interest rate. The proceeds will be used to refinance Rockefeller Center’s prior debt, which was set to mature in May 2025, as well as to fund reserves to pay contractual leasing costs.
Tishman Speyer co-owns Rockefeller Center, a 7.3 million square foot and 13-building campus, with Henry Crown & Co. In addition to office, retail and storage space, the center has ample entertainment space, including the 6,000-seat theater at Radio City Music Hall, the Top of the Rock observation deck, the ice-skating rink at Rockefeller Center and the Rainbow Room, as well as several restaurants.
The S&C team that advised Tishman Speyer was led by Ral Turbeville, along with Danielle Schulweis, Ben Black and Arman Smigielski, with Isaac Wheeler, Michael Orchowski and Gregg Rader advising on tax matters.