The Real Deal New York

RXR Realty picks up remaining 620 Sixth stake

July 23, 2012 08:30AM

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.

The building was formerly owned by a partnership that included  Joseph Chetrit, Charles Dayan and Yair Levy. Now, those partners are relinquishing all control of the building.

The property’s 220,000 square feet of retail are leased to T.J. Maxx, Marshalls and Bed Bath & Beyond. At the same time 28 percent of its 540,000 square feet of office space is vacant, but is attracting “a lot of interest,” according to Rechler. The building is reportedly being considered by Spotify and other tech firms seeking Midtown South space. [Crain’s]