RXR Realty CEO Scott Rechler and 620 Sixth Avenue

RXR Realty has leased the last remaining vacancy at 620 Sixth Avenue to advertising technology company Mediaocean, Crain’s reported.

Asking rents are in the low $60s per square foot at the 20-story, 2 million-square foot-plus building, located between West 18th and 19th streets. Mediaocean took the building’s entire 88,400-square-foot sixth floor in the deal, where CBRE’s Gregory Tosko and Sacha Zarba represented the tenant.  [more]

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: Scott Rechler and 75 Rockefeller Plaza

In order for Scott Rechler to succeed at overhauling the recently-leased 75 Rockefeller Plaza, his company, RXR Realty, will need to take in at least $80 a square foot, sources told the Wall Street Journal. There’s just one catch: In the fourth quarter of 2012, the average office rent in the Rockefeller Center area was $71.26 per square foot. RXR, which committed to lease the entire building for a 99-year term at an estimated cost of $250 million, has also planned a $250 million gut renovation of the property. [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]

From left: shots of Nassau Coliseum and Scott Rechler

Theoretically the chance to build, or even renovate a large government facility, would be an attractive opportunity for a qualified developer, but Nassau County is struggling to attract many of Long Island’s biggest real estate developers to its Nassau Coliseum project, according to Newsday. Nassau County recently sent out a request for qualifications, with a deadline set for Monday, to develop the 77-acre site that includes the home of the New York Islanders, but so far the response has been weak. [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: SL Green CEO Marc Holliday, SL Green President Andrew Mathias, Extell President Gary Barnett and Governor Andrew Cuomo

The leaders of the city’s largest office landlord, SL Green, ranked at the top of a list of the most powerful people in New York City real estate compiled by the New York Observer. The ranking was based on “access and influence,” or the ability to influence the outcome of potential projects and access people who can help push an agenda forward. [more]

Scott RechlerFrom the November issue: Scott Rechler is the CEO and chairman of RXR Realty, a multibillion-dollar private real estate company with roughly 20 million square feet of Class A office and industrial space. The firm — which is headquartered in Long Island and develops and owns property in the New York Tri-State area — recently completed the purchase of the 2.3 million-square-foot Starrett-Lehigh Building for $920 million. Rechler previously served as CEO and chairman of Reckson Associates Realty, which he sold to SL Green Realty in January 2007 for roughly $6 billion (including the assumption of $2 billion in debt) in one of the largest public real estate management buyouts in REIT history. In September, Gov. Andrew Cuomo appointed Rechler vice chairman of the board of commissioners of the Port Authority of New York & New Jersey. … [more]