If someone tests the temperature of water by sticking a toe in, it looks as though the owners of Manhattan's Rockefeller Center took a long dive into the center of a lake.
Owner Tishman Speyer Properties is readying a plan to raise $3.5 billion to refinance the massive urban office tower, according to the Financial Times. Bank of America and Wells Fargo are reportedly involved, and the Canada Pension Plan Investment Board was involved in talks according to insiders.
The deal is one of many that will have to take place if office markets are to eventually work their way out of the dumps and back to a level of normalcy. The deal could indicate whether the largest, most iconic properties can attract the money necessary to refinance at fiscally realistic rates.
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