75 Rockefeller Plaza Spanning 623,000 square feet, RXR Realty’s 75 Rockefeller Plaza is undergoing a $150 million renovation.

NEW YORK CITY—Merrill Lynch Wealth Management has agreed to lease 125,000 square feet on the second through fifth floors of 75 Rockefeller Plaza, in Midtown, according to the Commercial Observer. The 623,000-square-foot building, located between West 51st and West 52nd Streets, is undergoing a $150 million renovation following the exit of anchor tenant Time Warner Cable two years ago, which left the property vacant.

Terms of the deal were not available, but a source called the lease “long term.” Midtown asking rents during the first three months of the year averaged $78.40 per square foot, according to Cushman & Wakefield’s Q1 data.

Robert Alexander, Ryan Alexander, Ramneek Rikhy and Emily Jones of CBRE represented the tenant, while Bruce Mosler, Tara Stacom and Mikael Nahmias of Cushman & Wakefield represented the landlord. Spokespersons from both firms declined to comment. RXR did not respond to a request for comment made by GlobeSt.com.

Merrill Lynch, one of the largest wealth management firms, currently uses a similar amount of space at another Midtown location—717 Fifth Ave., between East 55th and East 56th Streets, the Observer reports. Merrill has been based at the SL Green Realty Corp.-owned building since 1998. It was unclear at press time if the lease will prompt relocation from that space or if the new agreement is an expansion into a second area office.

RXR entered a 99-year triple net lease with British billionaire Mohamed Al Fayed in June 2013 to take over the building. The 1947 property was developed as Esso oil company offices and was owned by the Rockefeller family.

Last month, American Girl, the high-end doll brand created by Mattel, signed a 40,000-square-foot deal for the majority of the retail portion of 75 Rock. The store nearly will double its size when it opens there next fall, moving from 609 Fifth Ave., between East 48th and East 49th Streets.