Rockrose to Land $309M for NoMad Office Building
Two banks will co-originate the note.
Rockrose will soon secure a $309 million refinancing loan for its 394,225-square-foot office building at 11 E. 26th St., in Manhattan’s NoMad neighborhood. Goldman Sachs Bank USA and Wells Fargo Bank are expected to originate the 10-year fixed-rate, interest-only mortgage loan. The transaction is scheduled to close on Nov. 30, 2026, according to a recent S&P Global presale report.
Loan proceeds will retire $239.3 million in existing debt, fund outstanding contractual leasing and free rent reserves, as well as pay closing costs and fund a $10 million re-tenanting reserve. After closing, the ownership will have approximately $174.4 million of implied equity retained.
The asset has been under Rockrose’s ownership since 2022, when the company paid $282.6 million to acquire it from Adams & Co. Real Estate, according to Yardi Matrix information.
More than 20 office properties have been refinanced across Manhattan between October and the start of November of this year, the data provider shows. Noteworthy deals include SL Green’s $2 billion refinancing of its 1.8 million-square-foot office tower at 245 Park Ave. Also in October, Nightingale Properties received $85 million from Hudson Bay Capital Management for 300 Lafayette St.
Something old and something new in NoMad
Originally completed in 1913 to serve as a store-and-loft building and merchandising warehouse, the property at 11 E. 26th St. underwent cosmetic renovations in 1979, as well as a $112.4 million repositioning program, which included the neighboring buildings, in 2025. Rising 21 stories, the office building now features a new lobby area, a private tenant club, lounge, business center, fitness center and a rooftop deck. Additionally, the LEED Silver-certified mid-rise has nine passenger elevators and floorplates measuring 12,083 square feet.
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The roster currently comprises 16 tenants from the financial and technology sectors, boasting an average remaining lease term of 9.2 years. Some of the tenants include Persado, which has its global headquarters at Rockrose’s property, as well as AI customer support startup Sierra, which leased 94,145 square feet at 11 E. 26th St. earlier in May.
Adjacent to Madison Square Park, 11 E. 26th St. is within two blocks of several commercial properties, including One Madison, 11 Madison Ave., the New York Life Building and 63 Madison Ave. Rockrose also owns the office building directly next to 11 E. 26th St., namely 15 E. 26th St., as well as an office mid-rise at 300 Park Ave. South, three blocks away from the first two.
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