The Real Deal New York

RXR seeks $450M for 61 Broadway

Scott Rechler's firm bought the tower just 16 months ago for $330M

September 22, 2015 08:30AM

Scott Rechler

From left: Scott Rechler and 61 Broadway in the Financial District

By Scott Rechler’s count, 61 Broadway has appreciated about $7.5 million per month since he bought it last year.

His firm, RXR Realty, is shopping the 790,000-square-foot Financial District office tower, seeking $450 million.

RXR bought the property in May 2014, paying $330 million to Broad Street Development.

The decision to sell is partly explained by the steep rise in downtown office rents, which have grown 16 percent on average from last year, according to CBRE.

Tenants at 61 Broadway include Bjarke Ingels Group, and the securities firm Samuel A. Ramirez & Co.

JLL is representing the developer, Bloomberg reported.

RXR owns about $10 billion in property in the Tri-State area. In August, it bought the Helmsley Building at 230 Park Avenue for $1.2 billion, along with partner the Blackstone Group. Back in February, Blackstone bought a 50 percent stake in 6 of RXR’s office buildings, paying around $2 billion. [Bloomberg]Ariel Stulberg