The Real Deal New York

Walton Street markets 49% stake in 237 Park

RXR Realty looking to keep its majority stake
March 15, 2017 09:15AM

Walton Street’s Jeffrey Quicksilver and 237 Park Avenue

Private Equity Firm Walton Street Capital is looking to sell its 49 percent stake in the Midtown office tower 237 Park Avenue.

RXR Realty, which owns the remainder, is keen on keeping its stake, the New York Post reported.

RXR and Walton bought the 21-story, 1,243,383-square-foot tower out of bankruptcy in 2013 for $800 million following the crash of Lehman Brothers. Its previous owner, Broadway REIT, had bought it for $1.21 billion in 2007 but defaulted on its debt in the wake of the global financial crisis.

In August, the New York Presbyterian Hospital signed a 500,000-square-foot lease at the tower to house administrative staff.

The building’s is about 98 percent occupied and rents are in the $80s per square foot, the Post reported.

Cushman & Wakefield is marketing Walton’s stake in the building. [NYP]Konrad Putzier