Rockefeller Center’s Bond Marks Biggest CMBS Sale Since 2021
- Deal edges out Blackstone transaction to reach largest in 2024
- Iconic buildings fuel a rebound as other properties struggle
Investors have been seeking out trophy assets like Rockefeller Center, a six-block complex with over a dozen buildings as well as an ice rink, observation deck and more than 400 office and retail spaces.
Photographer: Eilon Paz/BloombergA behemoth $3.4 billion bond sale backed by Rockefeller Center, one of New York City’s real estate crown jewels, wrapped up on Thursday, adding the iconic attraction to a deluge of commercial mortgage-backed securities sold in 2024.
The Rockefeller Center deal, run by Bank of America Corp. and Wells Fargo & Co., is the biggest sale in the sector since June 2021 when a CMBS bond backed by 560 hotel properties associated with Extended Stay America sold for $4.65 billion. It topped other large CMBS deals that priced this year, including a $2.95 billion Blackstone-sponsored transaction backed by an apartment portfolio, according to data compiled by Bloomberg News.