RXR to scoop up 49 percent stake in One Worldwide Plaza

TRD New York /
Jun.June 10, 2013 01:00 PM

RXR Realty has agreed to buy a 49 percent stake in the office building at One Worldwide Plaza at 350 West 50th Street from a George Comfort & Sons partnership for roughly $660 million, Real Estate Alert reported.

The 1.9-million-square-foot Midtown property would receive a nearly $1.35 billion valuation, or about $708 per square foot, if the deal is finalized. Eastdil Secured advised the partnership on the recapitalization, as well as a loan, the report said.

George Comfort & Sons bought the property in July 2009 for $605 million, or about $318 per square foot.

The property was appraised at $1.35 billion this year when an $875 million refinancing was arranged, CoStar said.

In recent years, RXR has been rising as one of the most aggressive buyers of trophy office towers in the city. Last July, the company acquired 450 Lexington Avenue from Istithmar World Capital — months after buying into the building’s capital stack and helping Istithmar through arbitration with a tenant and with other matters, as The Real Deal reported.

In January, RXR took control of 75 Rockefeller Plaza through a 99-year triple net lease. And in March, it announced plans to buy 237 Park Avenue for about $800 million. [Real Estate Alert via CoStar]Mark Maurer


Related Articles

arrow_forward_ios
Amazon CEO Jeff Bezos and RXR CEO Scott Rechler with 56-19 Grand Avenue in Queens (Credit: Getty Images, Google Maps)

Amazon nears lease at RXR’s Queens warehouse development

620 Sixth Avenue and RXR Realty's Scott Rechler (Credit: Getty Images, RXR Realty)

RXR gets $400M+ from Goldman Sachs to refi Sixth Avenue building

550 Madison (Credit: Gensler)

Renderings revealed for 550 Madison’s renovated lobby

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

From left: Wells Fargo CEO Timothy Sloan, Eastdil Secured CEO Roy March, Temasek CEO Ho Ching and Guggenheim president Jerry Miller (Credit: Getty Images)

Eastdil finalizes buyout deal with Guggenheim, Singaporean investment firm

From left: WeWork CEO Adam Neumann, 630 Sixth Avenue, and RXR Realty CEO Scott Rechler

WeWork is taking 200K sf at RXR Realty’s
620 Sixth Avenue

arrow_forward_ios