Dechert Advises Bank of America and Wells Fargo on Historic $3.5 Billion CMBS Loan for Rockefeller Center
Dechert advised Bank of America and Wells Fargo on the successful refinancing of the iconic Rockefeller Center complex in Midtown Manhattan. The US$3.5 billion CMBS loan represents the largest CMBS transaction since 2022 and the largest CMBS loan for a single office property on record.
The 7.3 million-square-foot Rockefeller Center, constructed nearly a century ago as a “city within the city,” has undergone a comprehensive redevelopment. This refinancing coincides with the near completion of the extensive modernization project, which reimagined the entire 13-building campus to include more spaces for dining, attractions and amenities.
The Dechert team that advised Bank of America and Wells Fargo included global finance partners Jason Rozes and David Forti; counsel Steven Kalnoki; and associates Seth Ivey, Leigh Pisane Cortez, Sarah Shanoudy and Lizzie Tremblay. In addition, Dechert global finance partners Stewart McQueen and Ella-Marie Smith, and associate Keith Harden, also represented Bank of America and Wells Fargo on the securitization of the loan.
About Dechert
Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.