(Bloomberg) -- A behemoth $3.4 billion bond sale backed by Rockefeller Center, one of New York City’s real estate crown jewels, wrapped up on Thursday, adding the iconic attraction to a deluge of commercial mortgage-backed securities sold in 2024.

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The Rockefeller Center deal, run by Bank of America Corp. and Wells Fargo & Co., is the biggest sale in the sector since June 2021 when a CMBS bond backed by 560 hotel properties associated with Extended Stay America sold for $4.65 billion. It topped other large CMBS deals that priced this year, including a $2.95 billion Blackstone-sponsored transaction backed by an apartment portfolio, according to data compiled by Bloomberg News.

“Over the course of the year, we saw the CMBS market re-liquefying and over the course of the summer, we decided to get an early start on the refinancing,” said Rob Speyer, chief executive officer of Tishman Speyer, one of the property’s owners. “We saw the capital markets hungry for high-quality assets and we delivered one of the best ones in the world.”

Demand for portions of Rockefeller Center’s debt was substantial, according to people familiar with the matter. The financing terms tightened 15 basis points in the higher-rated tranches from where guidance was set. The top tranche bondholders will receive yields of around 5.4%, according to a person familiar with the matter who was not authorized to speak publicly.

“We had a thoughtful marketing process to be able to tell this full story around why this asset is so unique, and I think clearly it resonated with investors because of the ultimate demand for the bonds,” said Ken Cohen, head of US real estate structured finance at Bank of America.

Meanwhile, the borrower will be expected to pay a fixed interest rate of just over 6.2% for the five-year term, according to an Oct. 18 statement from Tishman that called the deal the largest issuance ever for a single office asset.

The massive sale marks another milestone for the slowly recovering commercial real estate market. Investors have been seeking out trophy assets like Rockefeller Center, a six-block complex with over a dozen buildings as well as an ice rink, observation deck and more than 400 office and retail spaces.

Investors have backed roughly $90 billion in private-label CMBS so far in 2024, outpacing year-to-date amounts for most years over the prior decade, according to data compiled by Bloomberg News.