Rockefeller Center Secures Record-Breaking $3.5 Billion Loan, Cementing its Status as a NYC Icon
In a landmark deal that underscores the enduring appeal of this New York City icon, Tishman Speyer has successfully refinanced its iconic Rockefeller Center campus with a $3.5 billion CMBS loan. This staggering sum represents the largest ever issuance for a single office asset, solidifying Rockefeller Center’s position as a prime real estate investment in the heart of Manhattan.
The five-year Single Asset Single Borrower (SASB) loan, featuring a fixed interest rate of 6.2265 percent, was co-led by Bank of America and Wells Fargo. The proceeds will be used to pay off the previous $1.7 billion CMBS loan, along with additional mezzanine financing, and fund reserves for contractual leasing costs.
This massive refinancing comes as Tishman Speyer nears completion of its comprehensive redevelopment program, a project that has breathed new life into the legendary 13-building campus. The ambitious revitalization has transformed Rockefeller Center into a dynamic and vibrant destination, attracting a mix of businesses, residents, and tourists alike. The project has restored the original grandeur of the Channel Gardens and Rink areas, transforming them into inviting public spaces. The lower-level passageways surrounding the Rink have been opened, creating a light-filled space that prioritizes pedestrian flow and eases access to skating and public art.
The reimagined Rink Level now boasts a vibrant culinary scene, featuring acclaimed independent chefs and restaurants. Le Rock, 5 Acres, Jupiter, Lodi, Naro, Pebble Bar, Smith & Mills, and others have elevated the campus dining experience, making Rockefeller Center a top destination for food lovers in the city.
Tishman Speyer has also focused on reinvigorating the retail landscape at the Center, introducing a curated mix of beloved local entrepreneurs and global brands. From Lego and Banana Republic to Anthropologie, Michael Kors, Catbird, FAO Schwarz, and Nintendo, shoppers can find something for every taste and budget. More recently, Tishman Speyer has welcomed new retailers such as Todd Snyder, Alo, Hill House Home, and McNally-Jackson, further diversifying the retail offering.
For those seeking breathtaking views, the three-level Top of The Rock observation deck has been reimagined to offer new attractions and enhance the visitor experience. This month, Tishman Speyer unveiled Skylift, a revolving glass-enclosed platform that elevates visitors nearly 900 feet in the air for unparalleled 360-degree views of the New York City skyline and beyond. The Beam, introduced in 2023, invites visitors to recreate the iconic “Lunch Atop a Skyscraper” photo, offering a unique photo opportunity.
Companies located at Rockefeller Center have special access to this unmatched ecosystem of restaurants, retailers, and attractions through Tishman Speyer’s ZO amenity platform. Extraordinary spaces available exclusively to those who work in Tishman Speyer buildings, and their guests, include the ZO Clubhouse on the 33rd floor of 1 Rockefeller Plaza and Radio Park, an exquisite 24,000-square-foot green space on the roof of Radio City Music Hall. Radio Park has quickly become a favorite destination to relax, collaborate, or socialize, offering a unique and tranquil escape within the bustling city.
With a 93 percent occupancy rate, Rockefeller Center boasts a roster of globally renowned tenants, including Deloitte, Lazard, Christie’s, Simon & Schuster, and JP Morgan Chase. The impressive tenant list is a testament to the appeal of this iconic location, which offers a unique blend of historical charm, modern amenities, and unparalleled access to the best that New York City has to offer.
“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.”
Jim DeMare, President of Global Markets at Bank of America, echoed this sentiment, stating, “Bank of America is proud to have been able to support Tishman Speyer and lead the refinancing of this most iconic asset.”
The success of the refinancing further solidifies Rockefeller Center’s position as a premier real estate asset and a vibrant hub for business, culture, and entertainment in New York City. The campus continues to evolve and adapt to the changing needs of its tenants and visitors, ensuring its continued relevance and success for generations to come.