Walton Street abandons plan to sell 237 Park, refis instead

Firm owns office tower in partnership with RXR Realty

TRD New York /
Jun.June 11, 2017 10:42 PM

From left: Jeffrey Quicksilver, 237 Park and Scott Rechler

Walton Street Capital abandoned plans to sell its 49 percent stake in 237 Park Avenue TRData LogoTINY, according to sources familiar with the transaction. Instead, Walton and its partner RXR Realty refinanced the trophy office tower with a $850 million mortgage.

The new lenders are Morgan Stanley and Societe Generale, sources said. The loan replaces a $419.6 million CMBS mortgage overseen by U.S. Bank as trustee, property records indicate.

Cushman & Wakefield brokered the debt deal, sources say. The brokerage declined to comment, as did RXR and Walton. The lenders could not be reached for comment Sunday.

RXR, led by Scott Rechler, and Walton, led by Jeffrey Quicksilver, bought the 21-story, 1.25 million-square-foot tower for $810 million in 2013 from a Lehman Brothers-controlled entity.

In March, Walton put its stake up for sale, with Rechler seeking a new equity partner and recapitalization of the building to roughly $1.4 billion, the New York Post reported.

Last year, the New York Presbyterian Hospital signed a 500,000-square-foot lease at the building, which was 98 percent leased as of March.


Related Articles

arrow_forward_ios
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

The We Company CEO Adam Neumann and RXR Realty CEO Scott Rechler and 75 Rockefeller Plaza (Credit: Getty Images and RXR Realty)

WeWork is going to manage office space at RXR’s 75 Rock

From left: Airbnb CEO Brian Chesky, 75 Rockefeller Plaza, and RXR Realty CEO Scott Rechler (Credit:RXR Realty and Getty Images)

Airbnb, RXR are converting a portion of Rockefeller Center

Airbnb leads $160M funding round alongside RXR, Tishman for hospitality startup

Scott Rechler’s RXR nearing unorthodox partnership deal with Airbnb

RXR closed $800M in debt over two days

RXR lands hefty refi for one of Brooklyn’s priciest office buildings

LI Cheat Sheet: Lone Star Funds sells Long Island portfolio for $472.5M, RXR’s The Beacon tops out in Glen Cove… & more

arrow_forward_ios