New York office block for €330m
Published 24/09/2015 | 02:30
Developer Scott Rechler's RXR Realty is putting 61 Broadway on the market, just 16 months after acquiring the office tower in lower Manhattan's financial district.
RXR, which paid $330m for the 790,000-square-foot (73,000-square-metre) building in May 2014, is looking to sell the property for about $450m, according to people with knowledge of the plans.
Rechler didn't immediately return a call or e-mail seeking comment on a potential sale.
Investor demand has pushed New York City commercial property values past the records set during the prior boom.
Rising rents in lower Manhattan are a draw for prospective buyers. In August, the average office rent for downtown was 16pc higher than a year earlier, brokerage CBRE said.
RXR is being represented by a team of brokers at Jones Lang LaSalle. Tenants at 61 Broadway, built for the Adams Express Co. in 1914, include securities firm Samuel A. Ramirez & Co. and architecture firm Bjarke Ingels Group, creator of the new design for 2 World Trade Center.
RXR owns about $10bn of real estate throughout New York, New Jersey and Connecticut, including the Helmsley Building on Manhattan's Park Avenue.
The firm acquired the iconic tower in May after selling a roughly 50pc stake in New York-area office properties worth $4bn to Blackstone Group earlier this year