September 12, 1995 in Nation/World

Rockefeller Center To Undergo Changes

Compiled From Wire Services
 
Tags:briefly

Rockefeller Center’s parent company, controlled by Japan’s Mitsubishi Estate Co., is expected to announce a plan to relinquish its stake in the storied office complex today, a source says.

The proposal not only would end Mitsubishi’s majority ownership of the 12-building complex, which has been mired in Bankruptcy Court since early May, but also would eliminate the Rockefeller family’s stake as well.

Rockfeller Group Inc., the parent of two partnerships that own the center, plans to turn over the center to the trust that holds its $1.3 billion mortgage, an adviser familiar with the transaction said Monday.


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