China Orient Buys 49% Of 61 Broadway From RXR Realty

APRIL 22, 2016 – (New York) – RXR Realty LLC (“RXR”), a leading real estate operating and investment company in the New York Tri-State area, announced today it has sold 49 percent interest in the Financial District building 61 Broadway to an affiliate of China Orient Asset Management (“China Orient”).

The purchase price was based on a gross valuation of $440 million for the 33-story, 787,000-square-foot office building.

“We are thrilled to have China Orient join us as our new partner and are pleased that we were able to create meaningful value by upgrading 61 Broadway and executing more than 100,000 square feet of leases at extremely attractive rents,” said RXR Chairman and CEO Scott Rechler. “We look forward to executing the next level of value creation as we recapture space and release it at higher rents to the dynamic 21st century tenants that 61 Broadway is now attracting.”

“RXR is one of the best-in-class owners and operators of Manhattan office buildings and we are pleased to acquire an interest in 61 Broadway and partner with them. This investment is consistent with our U.S. real estate investment strategy, which has been to acquire value add assets in partnership with sophisticated and institutional U.S. operators,” said Roy Chen, Managing Director and Head of U.S. Real Estate of China Orient.

The property, located at Broadway and Exchange Place, offers tenants a renovated lobby, high ceilings and great views, as well as quick access to several transit lines connecting to the talented and growing workforce living in Brooklyn, the rest of Manhattan, Northern New Jersey and the rest of the region.

Tenants include architectural firm Bjarke Ingels Group and securities firm Samuel A. Ramirez & Co. Recently signed tenants include innovation think tank Human Condition Global, which took a full floor of more than 24,400 square feet, and data governance company Collibra Inc., which took more than 12,000 square feet.

About RXR Realty LLC
RXR Realty LLC (“RXR”) is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. The Company is one of the largest owners, managers, and developers in the New York Tri-State area. RXR’s operating platform manages 87 commercial real estate properties and investments comprising 23.1 million square feet, with an aggregate gross asset value of $12.7 billion, as of December 31, 2015. In addition, RXR has a residential development pipeline of approximately 3,000 residential units in the New York metropolitan area.

About China Orient Asset Management Corporation
In October, 1999, following the approval of the People’s Bank of China, China Orient was established in Beijing in response to the Asian financial crisis. With a registered capital of RMB 10 billion which was fully allocated by the Ministry of Finance, China Orient is a solely state-owned diversified financial institution with subsidiaries in, among others, asset management, insurance, securities and banking businesses. On August 2014, Moody’s Investors Service assigned China Orient a rating of A3. At present, the total assets of China Orient have reached almost RMB 230 billion, or about US$35 billion.

China Orient Asset Management International (COAMCI), a wholly owned subsidiary of China Orient in Hong Kong, focuses on direct investments and asset management in international opportunities, which include securities, real estate, and debt. Total assets of COAMCI reached almost $8 billion. Since first entering the U.S. real estate market in mid-2014, affiliates of COAMCI have through the dedicated New York team, closed nine transactions by forming joint ventures with sophisticated local partners in both urban and suburban markets. The total capitalization of these investments exceeds $1.4 billion.

Contact for RXR Realty: DKC Public Relations
Ed Tagliaferri 212 981 5182

Published: April 22, 2016
Filed Under: Press Releases

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.