{"id":1004733693,"date":"2024-10-21T03:23:25","date_gmt":"2024-10-21T11:23:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733693"},"modified":"2024-10-21T05:12:03","modified_gmt":"2024-10-21T13:12:03","slug":"tishman-speyer-jv-lands-3-5b-for-rockefeller-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/","title":{"rendered":"Tishman Speyer JV Lands $3.5B for Rockefeller Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"887\" height=\"665\" data-attachment-id=\"1004733697\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/rink\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg\" data-orig-size=\"887,665\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"rink\" data-image-description=\"&lt;p&gt;Exterior shot of The Rink within Rockefeller Center in Manhattan, N.Y.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;After acquiring the asset, Tishman Speyer restored the Rink area as entrance point for tourists. Image courtesy of Tishman Speyer&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg?w=887\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg\" alt=\"Exterior shot of the Rink within Rockefeller Center in Manhattan, N.Y.\" class=\"wp-image-1004733697\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg 887w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 887px) 100vw, 887px\" \/><\/a><figcaption class=\"wp-element-caption\">After acquiring the asset, Tishman Speyer restored the Rink area as entrance point for tourists. <em>Image courtesy of Tishman Speyer<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In the largest CMBS loan deal for a single office asset to date, the joint venture of Tishman Speyer and Henry Crown &amp; Co. has obtained $3.5 billion in refinancing for Rockefeller Center in Manhattan.<\/p>\n\n\n\n<p>Bank of America and Wells Fargo served as co-lead managers on the five-year loan carrying a fixed interest rate of 6.23 percent. <\/p>\n\n\n\n<p>Proceeds will repay the existing 20-year, $1.7 billion CMBS debt, along with mezzanine financing, scheduled to mature in May 2025. The note will also establish reserves for lease-related contractual obligations.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-finance-freeze-begins-slow-thaw\/\">Office Finance Freeze Begins Slow Thaw<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Rockefeller Center came online almost a century ago and features 13 buildings totaling 7.3 million square feet. The joint venture became the sole owner of the 22-acre Midtown complex in April 2001, after purchasing the remaining 95 percent stake in the property for $1.85 billion, according to CommercialEdge.<\/p>\n\n\n\n<p>The Class A campus comprises about 6 million square feet of office space, multiple retail destinations, event venues, dining options and tourist attractions. Recently, the ownership opened the 24,000-square-foot park atop Radio City Music Hall.<\/p>\n\n\n\n<p>Rockefeller Center was 93 percent leased at the time of closing. The tenant roster includes Deloitte, Simon &amp; Schuster, JP Morgan Chase and Lazard. Additionally, <a href=\"https:\/\/www.commercialsearch.com\/news\/christies-inks-400-ksf-renewal-in-manhattan\/\">Christie&#8217;s signed a 25-year renewal<\/a> for 400,000 square feet at 20 Rockefeller Plaza this August.<\/p>\n\n\n\n<p>Over the years, the campus went through multiple capital improvements. Tishman Speyer renovated the Top of The Rock observation deck to provide new attractions and opened Skylift, a revolving glass-enclosed platform that elevates visitors nearly 900 feet in the air.<\/p>\n\n\n\n<p>Inspired by the campus\u2019 original plans, the ownership also restored the Channel Gardens and Rink areas as entrance points for tourists. In early 2020, the company obtained approval from the Landmarks Preservation Commission to open the underground passageways encircling the iconic Rink.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-largest-office-financing-deals-this-year\">Manhattan\u2019s largest office financing deals this year<\/h2>\n\n\n\n<p>Despite the economic constraints experienced during the last couple of years, significant office loans and refinancing transactions continued to close in Manhattan. In addition to strong fundamentals, the market recently saw an <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-visits-up-year-over-year-rebny\/\">increase in year-over-year office attendance<\/a>. <\/p>\n\n\n\n<p>In June, Vornado Realty Trust obtained a <a href=\"https:\/\/www.commercialsearch.com\/news\/vornado-lands-400m-refi-for-manhattan-mixed-use-tower\/\">$400 million refinancing loan <\/a>for 640 Fifth Ave. The note has a fixed rate of 7.47 percent and is set to mature in July 2029.<\/p>\n\n\n\n<p>And, two months prior, <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\">L&amp;L Holdings Co. landed $911 million<\/a> to refinance the 47-story 425 Park Ave. Sumitomo Mitsui Trust Bank originated the five-year note for the 670,000-square-foot tower.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This transaction is the largest ever CMBS loan for a single office asset.<\/p>\n","protected":false},"author":3355,"featured_media":1004733697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[33250,35826,33918,33224,33277],"class_list":["post-1004733693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-bank-of-america","tag-cmbs","tag-rockefeller-center","tag-tishman-speyer","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tishman Speyer JV Lands $3.5B for Rockefeller Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Tishman Speyer and Henry Crown &amp; Co. have obtained $3.5 billion in refinancing for Rockefeller Center in Manhattan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tishman Speyer JV Lands $3.5B for Rockefeller Center\" \/>\n<meta property=\"og:description\" content=\"Tishman Speyer and Henry Crown &amp; Co. have obtained $3.5 billion in refinancing for Rockefeller Center in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-21T11:23:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-21T13:12:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"887\" \/>\n\t<meta property=\"og:image:height\" content=\"665\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/\",\"name\":\"Tishman Speyer JV Lands $3.5B for Rockefeller Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg\",\"datePublished\":\"2024-10-21T11:23:25+00:00\",\"dateModified\":\"2024-10-21T13:12:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Tishman Speyer and Henry Crown & Co. have obtained $3.5 billion in refinancing for Rockefeller Center in Manhattan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg\",\"width\":887,\"height\":665,\"caption\":\"After acquiring the asset, Tishman Speyer restored the Rink area as entrance point for tourists. Image courtesy of Tishman Speyer\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tishman Speyer JV Lands $3.5B for Rockefeller Center\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\",\"name\":\"Vicentiu Fusea\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g\",\"caption\":\"Vicentiu Fusea\"},\"description\":\"Vicentiu Fusea is an associate editor with Commercial Property Executive and Multi-Housing News. He has joined the CPE-MHN team in 2023. Vicentiu writes stories mainly focusing on the student housing, office and MOB markets. You can reach out to him at vicentiu.fusea@cpe-mhn.com.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/vicentiu-fusea\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Tishman Speyer JV Lands $3.5B for Rockefeller Center - Commercial Property Executive","description":"Tishman Speyer and Henry Crown & Co. have obtained $3.5 billion in refinancing for Rockefeller Center in Manhattan.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/","og_locale":"en_US","og_type":"article","og_title":"Tishman Speyer JV Lands $3.5B for Rockefeller Center","og_description":"Tishman Speyer and Henry Crown & Co. have obtained $3.5 billion in refinancing for Rockefeller Center in Manhattan.","og_url":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-10-21T11:23:25+00:00","article_modified_time":"2024-10-21T13:12:03+00:00","og_image":[{"width":887,"height":665,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg","type":"image\/jpeg"}],"author":"Vicentiu Fusea","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/","url":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/","name":"Tishman Speyer JV Lands $3.5B for Rockefeller Center - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg","datePublished":"2024-10-21T11:23:25+00:00","dateModified":"2024-10-21T13:12:03+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412"},"description":"Tishman Speyer and Henry Crown & Co. have obtained $3.5 billion in refinancing for Rockefeller Center in Manhattan.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg","width":887,"height":665,"caption":"After acquiring the asset, Tishman Speyer restored the Rink area as entrance point for tourists. Image courtesy of Tishman Speyer"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-jv-lands-3-5b-for-rockefeller-center\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Tishman Speyer JV Lands $3.5B for Rockefeller Center"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412","name":"Vicentiu Fusea","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g","caption":"Vicentiu Fusea"},"description":"Vicentiu Fusea is an associate editor with Commercial Property Executive and Multi-Housing News. He has joined the CPE-MHN team in 2023. Vicentiu writes stories mainly focusing on the student housing, office and MOB markets. You can reach out to him at vicentiu.fusea@cpe-mhn.com.","url":"https:\/\/www.commercialsearch.com\/news\/author\/vicentiu-fusea\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/rink.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004733693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004733693"}],"version-history":[{"count":7,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004733693\/revisions"}],"predecessor-version":[{"id":1004733782,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004733693\/revisions\/1004733782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004733697"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004733693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004733693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004733693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}