Scott Rechler’s RXR Realty has entered a joint venture with Youngwoo & Associates to operate offices at Pier 57, the West Side development originally conceived as a shopping complex dubbed SuperPier. RXR will convert 200,000 to 300,000 square feet of space on the pier into offices, Crain’s reported. Youngwoo & Associates will move forward with plans to transform ground-level shipping containers into affordable retail units and finalize preliminary deals with anchor tenants, according to the news site. Rechler told Crain’s that the success of the Starret-Lehigh Building at 601 West 26th Street, which RXR purchased in 2011 for almost $1 billion and is 98-percent leased, encouraged him to look for new office opportunities in the area. The financial terms of the deal were not disclosed, but Rechler tacked on an additional $150 million to Youngwoo’s original estimate for the total cost of conversion, putting the price at $350 million, according to the news site. The Hudson River Park Trust, which controls the pier, approved the joint venture, according to Crain’s. Reports of a deal broke earlier this year. – See more at: http://therealdeal.com/blog/2014/09/17/rxr-realty-enters-joint-venture-to-bring-offices-to-pier-57/#sthash.ERkzhS0M.dpuf
Published: September 29, 2014
Filed Under: Acquisition
The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $15.7 billion as of June 30, 2017, comprising approximately 22.1 million square feet of commercial operating properties and approximately 5,200 multi-family and for sale units under active development in the New York Metropolitan area.