The planned opening of the No. 7 Subway extension just blocks away by the end of next year is also likely to improve the building’s desirability, negating one of the chief complaints that the property, which is located on 11th Avenue and 26th Street, is inconvenient to public transportation.
Though the renovation work has yet to begin, brokers who have done deals in the building say that RXR’s presence was felt soon after it took control.
“They’ve been really fantastic, their whole approach, they’ve brought a more institutional and professional feel to the property,” David Hollander, an executive at CBRE who represented Dentsu in its recent deal, said. “It’s a much more sophisticated negotiating process now that they are the landlord. They provide assurances that the things you’re talking about in the leasing negotiations will get done and have put the right staff in place, so if you have a question about something or are dealing with an issue during a move in, there’s someone dedicated to resolving it.”
Mr. Rechler said it was important for him to put RXR’s stamp on the building as soon as it closed on the asset.
“On the first day of ownership, we had the entire lobby cleaned,” Mr. Rechler said. “We also changed the approach with the security overseeing the lobby.”
During the holidays, Mr. Rechler said he received some encouraging feedback.
Martha Stewart whose firm Omnicom is a tenant in the building, sent him a note about the decorations RXR had hung in the lobby.
“It read great job,” Mr. Rechler said.
