RXR to scoop up 49 percent stake in One Worldwide Plaza

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


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