Lease Beat

RXR Realty Signs 99-Year Lease at 75 Rockefeller Plaza

Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.

The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More

Sales Beat

RXR Completes 450 Lexington Buy

450 Lexington Avenue.

On the heels of purchasing the mezzanine debt on 450 Lexington Avenue, RXR Realty has completed its acquisition of the building from Istithmar World, the Dubai-based investment firm.

The company also initiated a rent reset with the building’s largest tenant—law firm Davis Polk & Wardwell—that will keep the firm in place in its 650,000 square feet there for 15 years. Other tenants there include Warburg Pincus. Read More

The Sit-Down

CBRE’s Paul Allegretti and His Knights

Paul Allegretti. Illustration by Paul Kisselev

In the past four years, CBRE senior managing director Paul Allegretti has distinguished himself as the tristate area’s “sustainability guy,” managing a host of city buildings in eco-friendly fashion. Working in tandem with David Pogue, CBRE’s national director of sustainability, and an army of what he called green knights, each scattered across the country, Mr. Allegretti explained to The Commercial Observer how a brokerage firm can keep its clients environmentally and emotionally sound. Read More