NorthStar/RXR New York Metro Real Estate Acquires Manhattan Office Building
January 9, 2016 | by James Sprow | Blue Vault
On December 29, 2016, NorthStar/RXR New York Metro Real Estate, Inc., a nontraded REIT, through a subsidiary of its operating partnership, completed a $2.5 million follow-on investment, including closing costs, in 1285 Avenue of the Americas, a 1.8 million square foot Class-A office building located in midtown Manhattan. NorthStar/RXR had previously invested $1.9 million, including closing costs, in the property in May 2016 as part of an approximately $1.65 billion transaction sourced by RXR Realty LLC, NorthStar/RXR’s co-sponsor and affiliate of its sub-advisor. NorthStar/RXR funded the follow-on investment using proceeds from its ongoing initial public offering.
The building was originally built in 1960 and is 100% occupied, with anchor tenants including BBDO Worldwide, Paul Weiss Rifkind and UBS AG.
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