Rockefeller Center Sold

Sat., Dec. 23, 2000

From Staff

Rockefeller Center has been sold to two minority shareholders for $1.85 billion, severing the Rockefeller family’s last remaining ties to the historic city landmark, the buyers announced Friday.

The pending deal would transfer full control of the complex to Tishman Speyer Properties and the Crown family of Chicago, who currently own 5 percent of the complex.

“Rockefeller Center is absolutely unique,” said Jerry I. Speyer, president and CEO of Tishman Speyer Properties. “It is a world-renowned property that combines great architecture, great location and an address that is recognized throughout the world.”

The sale price comes in well under what the owners reportedly had sought. Rockefeller Center Properties Inc. Trust, which paid $1.2billion four years ago, had asked for as much as $2.5 billion after putting the center up for sale in May.

The official transfer of title was expected next spring. The minority owners made their first bid on the property Wednesday morning, and it was accepted within hours.

“To be perfectly candid, we thought the pricing was extremely attractive,” Speyer said.

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Rockefeller Center Sold

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