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$920M STAR

New York
$920M STAR
One of NYC’s most talked about deals has finally closed: RXR Realty’s $920M grab of the 19-story, 2.3M SF Starrett-Lehigh Building.
Starrett Lehigh Building, New York, NY
Starret-Lehigh is one of Manhattan's 10 largest office digs, an entire square block (West 26th and West 27th between Eleventh and Twelfth). Despite a recent $30M infusion into capital improvements, RXR plans another $50M to serve “creative class” tenants like Tommy Hilfiger, Martha Stewart Living Omnimedia, Hugo Boss, and Polo Ralph Lauren. (Will Martha have a hand in the TI?) If that wasn’t enough, RXR, USAA Real Estate, and Broadway Partners (through their US Republic Core Fund) recapped the 750k SF 340 Madison. USAA is joining existing owners RXR and Broadway in the JV, which just got new 12-year first mortgage financing from Cornerstone Real Estate Advisers. The building’s leased to tenants like McDermott Will & Emery, PNC Financial Services Group, and Massachusetts Mutual Life Insurance.