Tishman Speyer recently secured a $3.5 billion loan to refinance Rockefeller Center in Midtown, Manhattan. The loan is the largest-ever CMBS issued for a single office asset. Bank of America and Wells Fargo co-led the five-year single asset single borrower loan, which carries a fixed interest rate of 6.2265 percent. The funds will be used to pay off an existing $1.7 billion loan and mezzanine financing due in May 2025, as well as cover leasing costs.
Photograph of Rockefeller Center, courtesy of Tishman Speyer
Rockefeller Center spans 7.3 million square feet. The campus, which is co-owned by Tishman Speyer and Henry Crown & Co., features offices, retail spaces, and dining, along with a new 24,000-square-foot park on top of Radio City Music Hall. The property is 93 percent leased, with major tenants including Deloitte, Lazard, and JP Morgan Chase.
The refinancing comes as Tishman Speyer nears completion on a major redevelopment of the 13-building complex. The updates include renovations to historic areas like the Channel Gardens and the Rink, as well as the addition of high-profile restaurants and retail outlets. The Top of the Rock observation deck has also been upgraded with new attractions such as the Skylift, a revolving platform offering 360-degree views of the city.
Photograph of Rockefeller Center, courtesy of Tishman Speyer
“We are proud of our stewardship of Rockefeller Center,” said Tishman Speyer CEO Rob Speyer. “The lending market’s overwhelming response speaks volumes about the success of our redevelopment and their confidence in top performing assets.”
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The Center is doing surprisingly well for older office buildings in these troubled times. I see a small part above the NBC Today studios is being converted into a hotel for 2026.
Ah, so there is a use for all those empty floors. A hotel is very smart.
Rockefeller Center has the best location in Midtown. There are lots of smaller tenants who appreciate the historical design and exceptional access.
In the 60’s I worked at Simon and Schuster in the International Building, at Rockefeller Center, across from St. Patrick’s Cathedral. I always felt that I was in a ‘special place’
You’re telling your age.