RXR Realty Lands $260M Refi for Manhattan Tower

Newmark arranged the financing.

75 Rock. Image courtesy of Newmark

RXR Realty has secured $260 million for the refinancing of 75 Rockefeller Plaza in Midtown Manhattan, New York City. Newmark arranged the financing, while Bank of America and Carlyle originated the loan.

Built in 1947, the 627,000-square-foot 75 Rock is a mixed-use Class A office and retail tower in Rockefeller Center. The LEED Gold-certified property features floorplates ranging from 14,000 to 30,695 square feet, as well as 38,293 square feet of retail, according to CommercialEdge data.

Tenants have easy access to floorplan flexibility due to WorxWell—the owner’s data analytics software program providing modular and adaptable spaces addressing tenant demands. Current office tenants at the office tower include Bank of America and WeWork, while American Girl anchors the retail space on the ground floor.

Five years after 75 Rock’s renovation

RXR purchased the 33-story building in December 2012 for $420 million, according to CommercialEdge. In 2017, the owner invested $150 million into the tower’s renovation, which included upgrades to its façade, a new lobby and main entrance, new elevators and windows as well as modern building systems.

The property is less than half a mile of two stations, Grand Central Terminal and Penn Station.

Vice-Chairmen and Co-Heads of the Debt and Structured Finance team, Jordan Roeschlaub and Dustin Stolly, and Senior Managing Director Nick Scribani led the Newmark team that secured the refinancing on behalf of the owner.

Active in New York City, RXR plans to build a billion-dollar skyscraper next to Grand Central Terminal. RXR’s President Michael Maturo estimates a 2028 or 2029 delivery for the project.

You May Also Like