NEW
YORK, Aug. 30, 2022 /PRNewswire/ -- Newmark has
arranged a $260 million loan on
behalf of RXR for the refinancing of 75 Rockefeller Plaza ("75
Rock"), a mixed-use office and retail tower located in the Plaza
District of Midtown Manhattan, New
York. 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.
The asset's fundamentals are reflective of
lender requirements in today's market.
"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 premier, Class-A
office and retail building located in the heart of the world-famous
Rockefeller Plaza, offering tenants proximity to well-renowned
entertainment and dining options – Radio City Music Hall and The
Rink at Rockefeller Center. 75 Rock's location offers unmatched
accessibility across Manhattan and
beyond, with immediate proximity to five subway lines, Grand
Central Terminal and Penn Station.
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. Furthermore, 75 Rock features top-of-the-line
amenities including a full-floor, members-only club space at the
top of the building, designed by leading hospitality company
Convene, as well as a highly desired outdoor space overlooking
Rockefeller Plaza and 5th Avenue. Current office tenants at the
property include Bank of America and WeWork. American Girl anchors
the ground floor retail space.
Since acquiring the leasehold interest in 2013, RXR has proved
its commitment to 75 Rock, which also serves as the company's
New York headquarters. In 2017,
the firm invested $150 million into a
comprehensive 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. 75 Rock also benefits from the recent renovation of
Rockefeller Center, which has transformed the 22-acre site into an
amenity-rich 24/7 destination.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending
June 30, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 170 offices with over 6,500 professionals around
the world. To learn more, visit nmrk.com or
follow @newmark.
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Special Note on Forward-Looking Information contained in subsequent
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SOURCE Newmark Group, Inc.