The Real Deal New York

Reed Elsevier inks 45K sf lease at Helmsley Building

Publisher joins its LexisNexis imprint, which already has 70K sf in RXR's property

July 28, 2016 12:45PM
By Rich Bockmann

From left: 230 Park Avenue and Scott Rechler

From left: 230 Park Avenue and Scott Rechler

Publisher and analytics company Reed Elsevier, which changed its name last year to RELX Group, is relocating its corporate headquarters to the Helmsley Building, where its LexisNexis imprint already has a sizable footprint.

RELX signed a lease for more than 45,000 square feet on a portion of the eighth floor of RXR Realty’s TRData LogoTINY landmarked Beaux-Arts tower at 230 Park Avenue, sources said. Asking rents are in the low $80s per square foot.

A Newmark Grubb Knight Frank team of Paul Ippilito, Seth Weinstein and Dina Deutsch represented RELX, while RXR was represented in-house. Neither side could be reached for comment.

RELX’s corporate offices will join those of its LexisNexis group one floor below, which signed a 71,000-square-foot lease for the full seventh floor in 2014.

The company is relocating from Enterprise Asset Management’s 360 Park Avenue South. RELX today reported revenue growth of 4 percent during the first half of the year to 4.1 million euros, or the equivalent of $4.6 million.

Scott Rechler’s RXR bought the 34-story, 1.4 million-square-foot Helmsley Building last year for $1.2 billion in a joint venture with the Blackstone Group.

Other tenants in the building include the insurance firm Voya Financial, Clarion Partners and Bank of the Ozarks, which has become one of the most active construction lenders in the city.

Rechler earlier this year stepped down as vice chairman of the Port Authority of New York and New Jersey, citing a desire to focus on his growing real estate business.

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