RXR Realty Will Set Up Its HQ In Its Own Properties
Scott Rechler’s RXR Realty is moving its HQ to one of its own buildings, 75 Rockefeller Plaza, once its five-year, 9k SF lease at 1330 Avenue of the Americas’ fifth floor expires at the end of the year.
The landlord will take the entire 15k SF 14th floor for 10 years, paying an asking rent between $113 and $119/SF. No brokers were involved, the Commercial Observer reports.
According to RXR Realty NYC EVP William Elder, the move is due to a “space crunch,” the desire to move to its own asset and to show its commitment to the asset.
RXR owns a 99-year ground lease on the property, which is 40% pre-leased. Merrill Lynch Wealth Management signed a 125k SF office lease, while American Girl will occupy 40k SF of retail space on the ground floor. 4k SF of retail space remains.
The tower’s slated to open later this year. [CO]