The Real Deal New York

RXR in contract to buy Downtown office building for $675M

Seller Beacon Capital Partners reportedly bought the property for $751M in 2007

December 08, 2014 12:12PM

From left: 32 Old Slip in Downtown Manhattan and Scott Rechler

From left: 32 Old Slip in Downtown Manhattan and Scott Rechler

RXR Realty is slated to buy a Downtown commercial building from Beacon Capital Partners for $675 million.

Beacon Capital bought the property in 2007 — at the height of the property boom — for $751 million, the New York Observer reported.

The 36-story building at 32 Old Slip has 1.2 million square feet of Class A office space, according to the paper. The building’s biggest tenant is insurer American International Group, whose lease is set to expire at the end of 2017. Other tenants include Daiwa Capital Markets America, Crystal & Company and the U.S. Department of Education.

The deal is the latest for Scott Rechler’s firm, which has been on a buying binge over the past year.  In June, RXR acquired the Standard Motor Products Building for $110 million. More recently, the firm entered a joint venture with Youngwoo & Associates to bring offices to the Westside development at Pier 57. [NYO] Claire Moses

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