Rockrose Secures $309M Refinancing for 11 E. 26th St.
The 10-year fixed-rate interest-only loan is scheduled to close on Nov. 30, 2026, retiring $239.3 million in existing debt.
Updated on Nov. 14, 2026 in Commercial
Rockrose is set to close a $309 million refinancing loan on its 394,225-square-foot office building at 11 E. 26th St. on Nov. 30, 2026. Goldman Sachs Bank USA and Wells Fargo Bank are originating the 10-year fixed-rate, interest-only mortgage.
Why it matters
Loan proceeds will retire $239.3 million in existing debt and fund outstanding leasing and free-rent reserves, shaping how the owner manages one of Manhattan's larger office holdings. For New York City's commercial real estate market, the deal adds to the wave of large office financings being completed across the borough.
The $309 million loan compares with the $282.6 million Rockrose paid for the building in 2022, and $239.3 million of existing debt will be retired at closing. The closing remains scheduled for Nov. 30, 2026, and the source does not detail how the remaining equity will be used.
The players
Rockrose
Rockrose is a New York City real estate company that owns and manages a portfolio of commercial and residential properties in Manhattan.
Goldman Sachs Bank USA
Goldman Sachs Bank USA is the banking subsidiary of The Goldman Sachs Group, a global investment bank that originates commercial real estate loans.
Wells Fargo Bank
Wells Fargo Bank is the banking subsidiary of Wells Fargo, one of the largest U.S. banks, which also originates commercial mortgage loans.
The details
The 21-story building, originally completed in 1913 as a store-and-loft structure and LEED Silver-certified, has 16 tenants from the financial and technology sectors. Proceeds also fund a $10 million re-tenanting reserve and closing costs, and Persado has its global headquarters at the property.
Timeline
1913: The building was originally completed as a store-and-loft building.
1979: Cosmetic renovations were made to the property.
2022: Rockrose acquired the property from Adams & Co. Real Estate.
2025: A $112.4 million repositioning program was completed.
Nov. 30, 2026: The refinancing loan is scheduled to close.
Market Landscape
The refinancing follows Rockrose's 2022 purchase of 11 E. 26th St. from Adams & Co. Real Estate for $282.6 million and the $112.4 million repositioning program completed in 2025. Together these steps show the owner recapitalizing a building it bought and upgraded rather than selling it.
Tenants in the building, which hosts 16 financial and technology firms, will be affected by the $10 million re-tenanting reserve funded at closing. Businesses seeking Manhattan office space may see the owner's leasing activity continue as the loan proceeds fund outstanding leasing and free rent.
The takeaway
Large office refinancings like this one show that lenders are still backing well-leased Manhattan buildings with long-term fixed-rate debt. Owners and tenants alike should watch how such deals shape leasing incentives over the next several years.
Further reading
For more on office property financing in the city, browse the Commercial real estate section.
Source note: This article includes information reported by Commercial Property Executive.
