Newmark facilitates $260 million financing for Iconic Plaza District office building in Midtown Manhattan

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NEW YORK, August 30, 2022 /PRNewswire/ — Newmark hosted 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 Presidents and Co-Heads of the Debt & Structured Finance team, Jordan Roschlaub and Dustin Stollyalongside the Senior Managing Director Nick Scribani. Bank of America and Carlyle contributed financing.

“RXR is a leading influencer for real estate in New York Cityand their prowess in developing and owning some of the city’s most iconic assets is unparalleled,” Roeschlaub said. “The fundamentals of the asset reflect the demands of lenders in today’s market: A+ sponsorship, premium leasing and a superior capital improvement program near incredible lifestyle amenities,” Stolly added.

Originally built in 1947, 75 Rock is a premier Class A office and retail building located in the heart of famed Rockefeller Plaza, offering tenants proximity to renowned entertainment and dining venues – Radio City Music Hall and The Rink at Center Rockefeller. 75 Rock’s location offers unparalleled accessibility across manhattan and beyond, in close proximity to five subway lines, Grand Central Terminal and Penn Station.

The 627,000 square foot property features expansive floor plates conducive to a variety of layouts and floor plan flexibility with WorxWell – RXR’s data analysis software program that provides modular and adaptable spaces to meet changing tenant demands. In addition, 75 Rock offers high-end amenities, including an all-floor members-only club area at the top of the building, designed by leading hotel company Convene, as well as a highly sought-after outdoor area overlooking Rockefeller Plaza and 5th av. The property’s current office tenants include Bank of America and WeWork. American Girl anchors the retail space on the ground floor.

Since acquiring the leasehold interest in 2013, RXR has demonstrated its commitment to 75 Rock, which also serves as New York Headquarter. In 2017, the company invested $150 million into a comprehensive building improvement program, which included the restoration of the building’s limestone facade, 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 transformed the 22-acre site into a 24/7 amenities-rich destination.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark delivers superior service to clients across all industries. Newmark has generated revenue from nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.

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SOURCENewmark Group, Inc.

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