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RXR Drops $675M on Downtown Tower

New York Office

RXR Realty is enhancing its presence in lower Manhattan with the acquisition of a 36-story office building at 32 Old Slip from Beacon Capital for $675M, the Commercial Observer reported. The deal now in contract would add a 1.2M SF highrise to RXR’s portfolio, which is concentrated in Midtown but includes a tower Downtown at 61 Broadway. The anchor tenant is AIG, which has a 260k SF lease set to expire in 2017, but the rent roll also boasts Daiwa Capital Markets, insurer Crystal & Co. and the Department of Education. Beacon reportedly paid $751M for the building in August 2007.