A few years ago, Warner Communications, now owned by Time Warner, advised their landlord, an entity of the Egyptian-born British billionaire Mohamed Al Fayed, that they would move out of 75 Rockefeller Plaza by July 31, 2014.

Bruce Mosler and Arthur Mirante of Cushman & Wakefield were retained to find another long-term anchor tenant. During the course of the deal, Mirante left to head Avison Young locally, but continued on the project.

A major capital improvement program would be needed, but the brokers worried about the still-recovering real estate market and finding a credit-worthy anchor tenant.

They brought in C&W’s Michael Rotchford and shifted gears to identify a developer that could lease the building on a long-term basis, take on the capital risk and find the tenants.

“We still needed to accommodate the long-term key issues for ownership, which were the ability to revert back to the next generation, provide a steady income and have a steady tenant,” said Mosler.

The brokers directed their efforts to developers who had a track record, great credit and a real appreciation for the history of 75 Rock.

In the end, RXR Realty was selected for pricing, its strong execution history and willingness to structure a transaction that could work for everyone. They were also aligned with the owner’s vision to bring this city masterpiece into the 21st century.

But a risk element for both sides would be a fair market reset. While common in leases, it has led to litigation and financing problems.

Instead, they crafted a unique structure that recreated the economics of a fair market reset and made the transaction fully financeable for both sides — not just at the beginning of the lease but at any time during its term.

RXR signed a 99-year triple net lease that runs through July 31, 2113; reports claim it has a starting rent of $17 million per year. Public documents show that after the first 30 years, RXR has a right of first offer if ownership determines it wants to sell the property.