RXR Realty, a leading real estate company of New York has reportedly agreed to buy 49 percent stakes in the One Worldwide Plaza Building in Manhattan for around $660 million.
One Worldwide Plaza is a part of "Worldwide Plaza"- a three-building mixed-use complex that was built in 1989. According to Bloomberg, RXR Realty is under private talks with the owner of Worldwide Plaza to purchase a minority stake in the west-side building of the complex.
Apparently, the amount that RXR Realty agreed to pay for the stakes was higher than what the owners paid for the entire complex. A consortium of buyers including real estate firms, Comfort and RGC Longview purchased the Worldwide Plaza for $590 million in 2009, just after the housing bubble burst. The complex was originally owned by famous property developer, Harry Macklowe, who handed it over to lenders during the real estate crisis.
However, the agreement is still a private matter and nothing has been confirmed yet.
If RXR Realty goes ahead with the deal, it will make the firm the second largest post-recession commercial property purchaser in Manhattan. More recently, it had paid $800 million in partnership with Walton Street Capital to purchase 237 Park Avenue, a popular office building in New York City.
Its other investment transactions include a long-term lease in 75 Rockefeller Center, buying 420 Lexington Avenue, 620 Sixth Avenue, Starrett Lehigh Building etc.
"We own more in Manhattan than we ever have. We're big believers in Manhattan and midtown and as the economy gets legs and we see job growth we think it will translate into a lot of space absorption," Scott Rechler, Chief Executive of RXR Realty said to Crains New York.
About One Worldwide Plaza
The One Worldwide Plaza building is a 50-story commercial office space spanning an area of 1.5 million square feet and a height of 778 feet. Designed by Skidmore, Owings and Merrill the building was developed by famous property developer, William Zeckendorf, Jr. The plaza also has a theater, a public seating with fountains and statues. Tenants include law firms like Cravath, Swaine & Moore and it was also home to ad giant, Ogilvy and Mather earlier.
