Business Notes Real Estate

It is a name like no other. The Rockefeller clan connotes wealth and history, power and prestige. That was one reason the public last week leaped at a $1.3 billion worldwide offering to buy a 71.5% stake in Rockefeller Center, the crown jewel of the family fortune. The 14-building complex located in midtown Manhattan includes the art deco Radio City Music Hall and the RCA Building.

The issue price on the stock was $20 a share, and the offering was the biggest real estate deal ever. There was no trouble lining up buyers. Says one Merrill Lynch broker: "We did not even have to solicit people. They called in and said they wanted some of the shares of this great landmark."

The family is selling an interest in the 50-year-old Rockefeller Center in order to raise money. Although the property is worth an estimated $1.6 billion, it generates relatively little annual income for the 97 heirs of John D. Rockefeller Jr. One reason: rents, which are covered under long-term lease, are only about half what is charged for newer office space in surrounding buildings.