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RXR, SL Green Buy Minority Stake In One Worldwide Plaza

Worldwide Plaza in Midtown West, New York

SL Green and RXR Realty have entered into an agreement to purchase a stake in an iconic part of New York's skyline.

The two firms have agreed to purchase a 48.7% stake in One Worldwide Plaza from New York REIT, after the latter increased its stake from 48.9% to 98.8% by exercising an equity option in June, Commercial Observer reports. New York REIT was able to increase its stake thanks to $760M in financing from Credit Suisse in December.

The purchase by SL Green and RXR valued One Worldwide Plaza at $1.7B, giving the JV's stake a value of $828M. The sale is expected to close in the fourth quarter, though financing details have not been disclosed. George Comfort & Sons will retain its 1.2% stake in the property.

Built in 1989, One Worldwide Plaza contains 1.8M SF of office space in the Hell's Kitchen section of Midtown West, stretching a full block between Eighth and Ninth avenues and 49th and 50th streets. One of its listed addresses is 825 Eighth Ave., and its sister building, the residential Two Worldwide Plaza, sits at 350 West 50th St.

SL Green continues to be one of the most active players in New York's office market, refusing to let concerns from its shareholders over One Vanderbilt slow it down.