The Real Deal New York

RXR closes on purchase of Helmsley Building for $1.2B

34-story, 1.4 million sf office tower sold for $1.15B in 2007

May 05, 2015 03:25PM

Scott Rechler Helmsley Building

Scott Rechler and the Helmsley Building at 230 Park Avenue in Midtown

RXR Realty has acquired the Helmsley Building at 230 Park Avenue for $1.2 billion in one of the biggest investment sales of the year.

The Scott Rechler-led firm purchased the 34-story, 1.4 million-square-foot office tower, located just north of Grand Central Terminal, from a partnership between Monday Properties, Invesco and South Korea’s National Pension Service.

The former owners, who placed the property on the market late last year, invested around $200 million in upgrades to the building, according to the New York Daily News. Monday Properties acquired the tower with different partners for $1.15 billion in 2007.

Current Helmsley Building tenants include publishing company Reed Elsevier and private equity firm Clarion Partners. [NYDN]Rey Mashayekhi