RXR closes on purchase of Helmsley Building for $1.2B

34-story, 1.4 million sf office tower sold for $1.15B in 2007

Scott Rechler Helmsley Building
Scott Rechler and the Helmsley Building at 230 Park Avenue in Midtown

RXR Realty has acquired the Helmsley Building at 230 Park Avenue for $1.2 billion in one of the biggest investment sales of the year.

The Scott Rechler-led firm purchased the 34-story, 1.4 million-square-foot office tower, located just north of Grand Central Terminal, from a partnership between Monday Properties, Invesco and South Korea’s National Pension Service.

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The former owners, who placed the property on the market late last year, invested around $200 million in upgrades to the building, according to the New York Daily News. Monday Properties acquired the tower with different partners for $1.15 billion in 2007.

Current Helmsley Building tenants include publishing company Reed Elsevier and private equity firm Clarion Partners. [NYDN]Rey Mashayekhi