Uniondale, New York-based RXR Realty announced that it has sold a 49% interest in the $440 million office building at 61 Broadway in New York's Financial District, and has closed on a $290 million mortgage on the firm's interest in the 33-story office property. RXR Realty sold the 49% stake to an affiliate of China Orient Asset Management for $216 million and secured the mortgage from the Bank of China and SL Green Realty. RXR paid $330 million for the 790,000-square-foot building in May 2014 and put it back on the market in September 2015 hoping to sell for $450 million. Prior to RXR Realty's acquisition, Broad Street bought 61 Broadway for $130 million in 2004. Full terms of this month's deal were not disclosed.
"We are thrilled to have China Orient join us as our new partner and are pleased that we were able to create meaningful value by upgrading 61 Broadway and executing more than 100,000 square feet of leases at extremely attractive rents," said RXR Realty Chairman and CEO Scott Rechler in a prepared statement. "We look forward to executing the next level of value creation as we recapture space and release it at higher rents to the dynamic 21st century tenants that 61 Broadway is now attracting."
61 Broadway, also known as the Adams Express Building, was designed by Francis Kimball with an estimated construction cost in 1912 of $2 million. The office building between Rector and Morris Streets was 90% leased at the time of sale, with major tenants including architectural firm Bjarke Ingels Group, securities firm Samuel A. Ramirez & Co., innovation think tank Human Condition Global, and data governance company Collibra Inc. The palazzo-style building offers tenants a renovated lobby, high ceilings and great views, as well as quick access to several transit lines connecting to the talented and growing workforce living in Brooklyn, the rest of Manhattan, Northern New Jersey and the rest of the region.
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