RXR secured $185M to purchase 61 Broadway

HSBC loaned total of $300 million for acquisition, improvements and leasing

New York /
Jun.June 05, 2014 04:50 PM

Scott Rechler’s RXR Realty secured more than half of the $300 million used to Purchase The 61 Broadway in the Financial District last month with a loan from HSBC.

The realty firm received $185 million at closing and another $15 million for future capital expenditures and leasing commissions, according to JLL’s capital markets team. The office building measures 786,975 square feet.

“An impressive building backed by best in class sponsorship and located in Manhattan’s highly desirable financial district checks all the boxes in regards to what lenders seek,” said JLL’s Kelly Gaines, who brokered the deal along with Brett Rosenberg. “In addition, the neighborhood is moving toward a ‘live, work, play’ environment, which is gaining significant momentum among today’s work force.”

The majority of the leases in the 33-story building are reportedly set to expire soon, and RXR is looking to lure tech and creative firms attracted by FiDi’s lower rents relative to Midtown South.

JLL’s investment sales team represented former owner Broad Street Development in the sale of the building in March. Broad Street bought the building for $130 million in 2004, records show.

More than 140 loans of $100 million or more were originated last year, The Real Deal reported, with Eastdil Secured leading the way with 20 deals valued at just under $8 billion.


Related Articles

arrow_forward_ios
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Larry Silverstein and The Denizen in Brooklyn above; and Scott Rechler with 555TEN in Hudson Yards top right. (Getty)
The art of the (discounted) deal
The art of the (discounted) deal
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
JLL CEO Christian Ulbrich (Photo via Jll/Twitter; Photo Illustration by Kevin Rebong for The Real Deal)
JLL earnings fell 24% in 2020
JLL earnings fell 24% in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...