RXR and affiliates of hedge fund Farallon Capital Management, L.L.C. have closed on the recapitalization of 75 Rockefeller Plaza at 15 W. 51st St. in Midtown Manhattan. The recap is valued at $200 million, according to published reports.
The transaction, which closed last week, represents RXR’s seventh recapitalization through its 3R Strategy: resetting basis, restructuring debt and re-tenanting space. Over the past two years, RXR has recapitalized more than nine million square feet of Class A Manhattan office buildings for a total of $5 billion.
“We’ve never wavered in our belief in New York City’s office market, but we’re disciplined about backing the right assets,” said Scott Rechler, chairman and CEO of RXR. “The recapitalization of 75 Rock reflects our conviction that premier properties in world-class locations will continue to outperform.”
JLL served as the structuring advisor for the transaction. Newmark served as RXR’s capital advisor. Anchored by Merrill Lynch Wealth Management, 75 Rock is 95% leased.
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