Scott Rechler of RXR Realty (Photo: Chris Martin)

From the May issue: The names of those who got crushed when the real estate market crashed have been splashed in the headlines for several years: Harry Macklowe, Kent Swig and Lev Leviev, to name a few. But it’s only in recent months that it’s become fully possible to evaluate who’s benefited the most from the fallout and recovery. Somewhere on the top of that list: Scott Rechler.

“Everything in our business is luck and timing,” said Richard Baxter, a top investment sales broker at Jones Lang LaSalle. “And he’s had great luck and incredible timing.” [more]

Scott Rechler and Gov. Andrew Cuomo

Scott Rechler, the head of RXR Realty, is known for his vast New York City real estate holdings, managing some 20 million square feet of property and emerging as the second-biggest buyer of Manhattan commercial real estate since the recession. But since 2011, Rechler has worn a second hat as a top advisor to Governor Andrew Cuomo, sitting on the board of the Port Authority of New York and New Jersey, Bloomberg News reported. [more]

From left: Lo Russo, Elder, Bernstein and Bloomberg Tower

A glance at commercial real estate in 2013 reveals two prominent themes: sluggish office leasing and a booming investment sales market. Each come with their own concerns for real estate pros: on the one hand, landlords are offering costlier incentives to lure office tenants, while in the sales market, buyers compete with hundreds of rivals, many of them from overseas, for scarce inventory. Both subjects were the focus of a panel discussion held earlier today. [more]

Continuing a whirlwind acquisition spree, RXR Realty is buying 237 Park Avenue for around $800 million, Crain’s reported. In partnership with Walton Street Capital, RXR scooped up the 21-story, 1.2 million-square-foot building, located between East 46th and East 47th Streets, from Lehman Brothers Holdings, which had previously foreclosed on the troubled asset and recovered it from Broadway Partners. Scott Rechler, RXR’s chief executive, told Crain’s that he would invest several million dollars to renovate the building. “It is consistent with what we’ve been looking for,” Rechler said. “It’s a good building with good bones that we can acquire at a large discount to what it would cost to replace the asset.”… [more]

1330 Sixth Avenue and Bruce Mosler

A Cushman & Wakefield team has been tapped as the exclusive leasing agent for about 100,000 square feet at RXR’s 1330 Sixth Avenue, the New York Observer reported. The space — currently occupied by publishing company Pearson — is slated to be available next January, when Pearson departs and offers up signage opportunity for a company looking to be an anchor tenant. The team is composed of Bruce Mosler, Tara Stacom, Mikael Nahmias, Jared Horowitz, Whitten Morris and Peter Alden. Floors seven through 10, 14, 16 and 17 will be available. [more]

Starrett-Lehigh building from above

The Starrett-Lehigh building, the massive office space on 26th Street and Eleventh Avenue, is finally back to fully operational, Crain’s reported.

Owner RXR Realty told Crain’s that their high-profile tenants desperately needed their offices back. A photo shoot with Ralph Lauren was set for last week at Canoe Studios’ space there, for instance. [more]

RXR Realty CEO Scott Rechler and 620 Sixth Avenue

Scott Rechler‘s RXR Realty has picked up its option to acquire the remaining 45 percent stake in 620 Sixth Avenue, Crain’s reported. The firm purchased a 55 percent stake in the property, situated between West 18th and West 19th streets, in a deal last year that valued the 760,000-square-foot building at $500 million. That acquisition came with the option to buy the entire building and Rechler exercised it early. [more]

From left: RXR's Scott Rechler and 450 Lexington Avenue

RXR Realty has entered an agreement to purchase the 40-story office tower at 450 Lexington Avenue, the Wall Street Journal reported. The price Istithmar, the owner, will receive for the building is unclear, but the Journal said the deal would value the building, located between East 44th and East 45th streets, at more than the $600 million Istithmar paid for it in 2006.

RXR had previously purchased nearly half of the $600 million in debt on the 910,000-square-foot building. [more]

From left: Gregory Rechler, Mitchell Rechler and Rechler Equity's new headquarters

In a reflection of its growth on Long Island and its relatively new business model, longtime Brooklyn and Long Island developer Rechler Equity has opened a brand new headquarters in Plainview, according to the New York Times. The firm, founded by William Rechler, spent $8 million remaking an industrial building it purchased in 1961 into a new headquarters. The redevelopment was led by William’s grandsons, cousins Gregory and Mitchell Rechler, who wanted to establish the firm’s brand following a split from Gregory’s brother Scott Rechler, who now oversees RXR Realty. [more]

620 Sixth Avenue

Another technology firm is looking to ink a lease in the red hot Midtown South market, the New York Observer reported. Spotify, the online music service, is looking at about 73,000 feet at 620 Sixth Avenue, between 18th and 19th streets, sources told the Observer.

“We thought we were going to have to build a marketing center in the space to convey to tenants our vision but [they] instantly got it,” Bill Elder, leasing director for the landlord, RXR Realty, told Observer. “We have several interested parties for the floor.” [more]