Newmark has arranged a $260 million loan on behalf of RXR for the refinancing of the mixed-use office and retail tower at 75 Rockefeller Plaza. The Newmark team was led by Vice Chairmen and Co-Heads of the Debt & Structured Finance team, Jordan Roeschlaub and Dustin Stolly, along with Senior Managing Director Nick Scribani. Bank of America and Carlyle contributed to the financing.
“RXR is a prominent influencer for real estate in New York City, and their prowess in developing and owning some of the city’s most iconic assets is unparalleled,” said Roeschlaub. “The asset’s fundamentals are reflective of lender requirements in today’s market: A+ sponsorship, investment grade tenancy and a superior capital improvement program in proximity to tremendous lifestyle amenities,” added Stolly.
Originally constructed in 1947, 75 Rock is a Class-A office and retail building in the heart of Rockefeller Center.
The 627,000-square-foot property boasts expansive floor plates that are conducive to a variety of layouts, and floor plan flexibility with WorxWell – RXR’s data analytics software program that provides modular and adaptable spaces to address evolving tenant demands. Amenities include a full-floor, members-only club space at the top of the building, designed by hospitality company Convene, as well as outdoor space overlooking Rockefeller Plaza and Fifth Avenue. Current office tenants at the property include Bank of America and WeWork. American Girl anchors the ground floor retail space.
RXR acquired the leasehold interest in 2013, and invested $150 million into a building improvement program, which included restoration of the limestone building façade, a new lobby and main entrance, upgraded elevators, new windows and modernized building systems.
