Leasing Momentum Continues in RXR Portfolio through 4Q 2009
- RXR closes 2009 matching the robust leasing performance of 2008. This activity reflects the strength of the firm’s brand and its position as quality leader in the New Jersey marketplace -
SHORT HILLS, N.J. (JANUARY 11, 2010) – RXR Realty LLC (“RXR”), the leading real estate operating company in the New York, Tri-State region, has announced a strong year of leasing and renewal performance throughout its premier New Jersey holdings in 2009, reflecting the firm’s unequivocal market position as one of the leading office landlords in the New York Metropolitan area. This robust performance matches RXR’s leasing activity in 2008, a banner year for the firm.
“Fundamentally speaking, there is no denying that 2009 was among the most challenging years in which to complete commercial real estate transactions on both a national level and within the state of New Jersey,” said Todd Rechler, Co-Chief Operating Officer of RXR and President of RXR Construction and Development. “Despite this trend, we closed the year with strong leasing momentum within our New Jersey portfolio, completing significant leasing transactions and renewals. Ultimately, we believe that our firm’s dedication to service, superior building architecture, strategic locations and amenity packages helped to increase our already strong rate of tenant retention and leasing activity in 2009. Given the turbulent economic times that we are operating in, we believe this activity is a testament to RXR’s overall strength of ownership and brand recognition within the New Jersey marketplace.”
The following lease and renewal transactions are examples of the significant deals that were completed in 2009 within RXR’s portfolio of Class-A office properties located throughout New Jersey:
- Otsuka America Pharmaceutical, Inc at One University Square, Princeton, New Jersey
- Axis Reinsurance Company at One University Square, Princeton, New Jersey
- Wells Fargo Advisors, LLC at 51 JFK Parkway, Short Hills, New Jersey
- Wells Fargo Insurance Services at 7 Giralda Farms, Madison, New Jersey
- Appaloosa Management, LP at 51 JFK Parkway, Short Hills, New Jersey
- Government Employees Insurance Company (GEICO) at 300 Executive Drive, West Orange, New Jersey
About RXR
RXR Realty LLC (“RXR”) is a vertically integrated private real estate company with expertise in investment management, development, design, construction, leasing, financing and asset management.
RXR’s core growth strategy is focused on the markets surrounding New York City. The Company is one of the largest owners, managers, and developers in the New York Tri-State Area with interests in approximately $2.8 billion in assets, comprised of 70 properties containing approximately 11.2 million square feet, and an extensive development pipeline.
