Dechert Advises Bank of America and Wells Fargo on Landmark $3.5 Billion CMBS Loan for Rockefeller Center.

Dechert has advised Bank of America and Wells Fargo through the issuance of $3.5 billion commercial mortgage-backed security (CMBS) loan to Tishman Speyer to refinance the iconic Rockefeller Center complex in New York. This loan marks the largest CMBS ever granted for a single office property.

Rockefeller Center, which spans 7.3 million square feet, has stood for over 90 years and has recently undergone significant redevelopment as part of a major modernization initiative.

The renovation has enhanced the 13-building complex, introducing more dining options, attractions, and amenities for visitors and tenants alike. Rockefeller Center is located in midtown Manhattan between Fifth and Sixth avenues and is noted for an ice-skating rink, and the annual lighting of the Rockefeller Center Christmas Tree.

Tishman Speyer, which co-owns Rockefeller Center alongside investment firm Henry Crown & Co, plans to use the loan to refinance the existing $1.7 billion CMBS loan, which is set to mature in May 2025, as well as to address additional mezzanine financing needs. The remaining funds will be allocated to cover rents and services for tenants and landlords, with $179.8 million in equity slated to be returned to investors.

"We are proud of our stewardship of Rockefeller Center. The lending market’s overwhelming response speaks volumes about the success of our redevelopment and their confidence in top performing assets." stated Rob Speyer, CEO of Tishman Speyer.

Dechert LLP is a global law firm headquartered in Pennsylvania. The firm provides counsel to asset managers, financial institutions, and corporations on essential business and capital management issues, ranging from high-stakes litigation to complex transactions and regulatory matters.

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