JOURNAL ARTICLE

Rockefeller Center's Bond Marks Biggest CMBS Sale Since 2021.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Milton, Immanual John; Williams, Charles; Wong, Natalie 3 of 3

Abstract

A $3.4 billion bond sale backed by Rockefeller Center, led by Bank of America Corp. and Wells Fargo & Co., concluded, marking the largest CMBS sale since 2021. The sale reflects a resurgence in the commercial real estate market, with investors showing interest in high-quality assets like Rockefeller Center. While the deal is a positive development for traditional office owners in New York, lower tier properties have faced challenges in raising debt financing due to hybrid-work trends and rising costs. The proceeds from the bond sale will be used to repay existing debt, fund reserves, and return funds to property owners Tishman and Henry Crown & Co. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/10, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2024
  • Accession Number:180401969
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