RXR Turning Around $330M 61 Broadway
Lauren Elkies Schram Oct. 2, 2015, 12:35 p.m.
After snapping up 61 Broadway for $330 million in May 2014, RXR Realty has put the Financial District building on the market, according to JLL marketing materials. The building is expected to fetch over $450 million, a source with knowledge about the property said.
The 33-story, 790,000-square-foot, office building between Rector and Morris Streets is 90 percent occupied, with Bjarke Ingels Group, often referred to as BIG, as the penthouse tenant. Over 50 percent of the leases expire over the next five years, the listing indicates. RXR has leased 100,000 square feet in the building with rents averaging over $50 a square foot, the source said.
Since 2008, the building has undergone more than $13 million in capital improvements including upgraded elevators, bathrooms, HVAC and common corridors.
JLL brokers Scott Latham, Richard Baxter, Anthony Ledesma, Stephen Shapiro, Jon Caplan and Yoron Cohen have been tapped to market the property. Some of those brokers represented Broad Street Development in the sale of 61 Broadway to RXR. The purchase marked RXR’s entree into the Lower Manhattan market.
RXR head Scott Rechler declined to comment and Mr. Latham didn’t immediately respond to a request for comment.