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Privately held real estate investment firm RXR Realty acquired the 21-story, 1,243,383-square-foot Class office building at 237 Park Avenue from the holding company for defunct bank Lehman Brothers in early 2013 for around $800 million. It was one of the biggest single-building purchases since the Great Recession.
RXR immediately added to its tab by announcing a major renovation of 237 Park. That renovation, which includes a new lobby and faade designed by Moed de Armas & Shannon, eventually ran to a little less than $100 million, according to RXR president and CEO Scott Rechler.
Tenants in 237 Park include Credit Suisse, UBS, marketing firm JWT and investment firm Jennison Associates. Asking rents in the building are in the $80s a square foot, slightly higher than the average for that Grand Central area of Midtown.
The building was developed in the very early 1900s and designed by architect Warren & Wetmore. A 1981 renovation was handled by architect Edward Durell Stone. ¾-TA
- Address 237 Park Avenue
- neighborhood Grand Central
- borough Manhattan
- owner RXR Realty
- PLANS DISCLOSED 01/01/1900
- dob permit issued 01/06/1900
- DOB FILE PLANS 01/01/1900
- DOB FILE Link
- floors 21
- Year Built 1915
- ag file plans 01/09/1900
- AG FILE Link
- commercial units 2
- total units 2
- square feet 1,243,383
- const. status Under Construction
- block and lot 1-01300-0014
- BIN 1036186
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01/23/19
...237 Park Avenue and Scott Rechler (Credit: RXR Realty)
David Werner is in contract to buy roughly...
10/24/18
...Rock, also operates at RXR's 32 Old Slip and 237 Park Avenue.
Club 75 will open with close to 150 founding members and new members will be charged...
10/10/18
...Chase came next with a 270,536-square-foot renewal at 237 Park Avenue.
During the third quarter specifically, there were 4.4 million square feet worth of deals signed...
09/11/18
...Clockwise from top left: 237 Park Avenue, 1132 Oak Point Avenue in the Bronx, 21 Penn Plaza, 161 Sixth Avenue
UPDATE: An earlier version...
06/12/18
...Scott Rechler, Walton Street Capital's Jeffrey Quicksilver and 237 Park Avenue (Credit: RXR and Walton Street)
As the city’s investment-sales market slowed to a...
05/03/18
...abandoned plans to sell its 49 percent stake in 237 Park Avenue. Instead, Walton and its partner RXR Realty refinanced the trophy office tower with a...
...abandoned plans to sell its 49 percent stake in 237 Park Avenue. Instead, Walton and its partner RXR Realty refinanced the trophy office tower with a...
04/30/18
...at RXR Realty and Walton Street Capital’s 237 Park Avenue.
But many of last year’s top deals were thanks to brokers poaching new...
...at RXR Realty and Walton Street Capital’s 237 Park Avenue.
But many of last year’s top deals were thanks to brokers poaching new...
03/26/18
...237 Park Avenue and 24-02 49th Avenue in Queens
Nonprofits and public organizations took advantage of flat...
02/06/18
...mortgages. Walton Street Capital and RXR Realty’s 237 Park Avenue and JEMB Realty’s 75 Broad Street, for example, could have each joined the year...
02/05/18
...at two other RXR buildings: 32 Old Slip and 237 Park Avenue. 75 Rock, set to open in May, will be Convene’s 12th New York location...
...mortgages. Walton Street Capital and RXR Realty’s 237 Park Avenue and JEMB Realty’s 75 Broad Street, for example, could have each joined the year...
01/22/18
...have refinanced 5 Times Square, One Worldwide Plaza and 237 Park Avenue.
RXR acquired the 40-story, 534,000-square-foot tower on Sixth Avenue in 2010, paying $400 million to Harry...
01/08/18
...the 471,000 square feet New York Presbyterian leased at 237 Park Avenue and the 226,000 square feet Shiseido leased at 390 Madison Avenue – came off the market, skewing...
12/27/17
...at Rxr Realty And Walton Street Capital’s 237 Park Avenue. Had the deal been structured as a lease, it would have been valued at...
11/30/17
...s 49 percent stake in the office building at 237 Park Avenue, the owner abandoned its plans and refinanced the property with partner RXR Realty in...
11/08/17
...Street. Elsewhere, large blocks of sublease space at 237 Park Avenue, the Starrett Lehigh Building and 75 Varick Street also contributed to pulling down Manhattan’s...
...s 49 percent stake in the office building at 237 Park Avenue, the owner abandoned its plans and refinanced the property with partner RXR Realty in...
09/11/17
...abandoned plans to sell a 49 percent stake in 237 Park Avenue, and instead refinanced the 21-story office tower with an $850 million loan in June. And...
...abandoned plans to sell a 49 percent stake in 237 Park Avenue, and instead refinanced the 21-story office tower with an $850 million loan in June. And...
08/04/17
...Refinance Walton Street Capital and RXR Realty’s 237 Park Avenue...
08/02/17
...RXR Realty for their Midtown office building at 237 Park Avenue.
Representatives for Morgan Stanley and Brooks Brothers could not be immediately reached for comment...
08/01/17
...From left: 237 Park Avenue, a rendering of 666 Fifth Avenue and 5 Bryant Park
UPDATED, Aug. 3, 2:35 p.m.: In New...
07/28/17
...and RXR Realty refinanced their office tower at 237 Park Avenue after de-listing a 49 percent stake, and a Property Markets Group-led partnership refinanced a newly...
