RXR Realty agrees to purchase 32 Old Slip for $675 million

RXR Realty is in contract to purchase the 1.2-million-square-foot Class A commercial building at 32 Old Slip from Beacon Capital Partners for $675 million, a source with intimate knowledge of the deal told Commercial Observer.

One of the 36-story building’s biggest tenants is American International Group, whose 260,000-square-foot lease expires at the end of 2017. 

Other tenants in the building include Daiwa Capital Markets AmericaCrystal & Company, the U.S. Department of Education and the United States Census Bureau. In the past year, 150,000 square feet of new leases have been executed in the building, the source said.

Beacon Capital bought the property, designed in 1987 by architect Edward Durell Stone & Associates, in August 2007 for $751 million, according to property records. Floor plates range from 23,000 to 38,000 square feet.

RXR declined to comment and no one from Beacon Capital responded to requests for comment.


Published: December 31, 2014
Filed Under: Acquisition

The RXR platform manages 69 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.1 billion, comprising approximately 24.6 million square feet of commercial properties, inclusive of a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,600 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.