RXR REALTY LLC TO BUY 1330 AVENUE OF THE AMERICAS
Sale price of $400 million is largest office transaction of 2010
Uniondale, NY – November 23, 2010 – RXR Realty LLC (“RXR”), a leading real estate operating and investment company in the New York Tri-State area, announced today that an investment group led by RXR has entered into a contract to purchase 1330 Avenue of the Americas in New York City.
The 534,000 square-foot Class-A tower is being acquired from Otera Capital for $400 million, with a closing scheduled for before year end. The price represents approximately $750 per square foot and a 37 percent discount to replacement cost.
The property had been acquired in 2007 for approximately $500 million and was repositioned into a trophy asset with a significant capital improvement program of nearly $30 million. Rising 40 stories above Avenue of the Americas between 53rd and 54th Streets, floors range in size from approximately 10,000 to 17,000 square feet, with the top floors enjoying views of Central Park.
The $400 million acquisition of 1330 represents the largest office transaction in New York City in 2010.
The acquisition marks RXR’s continued expansion into Manhattan, where RXR acquired a 49% interest in 340 Madison Avenue earlier this year and is active in acquiring senior mezzanine positions secured by New York office buildings.
Published: July 28, 2011
Filed Under: Acquisition
The RXR operating platform manages 73 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.9 billion, comprising approximately 23.4 million square feet of commercial operating properties and control of development rights for approximately 6,300 multi-family and for sale units in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.