{"id":1004773973,"date":"2025-10-08T05:02:21","date_gmt":"2025-10-08T13:02:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004773973"},"modified":"2025-10-08T23:33:49","modified_gmt":"2025-10-09T07:33:49","slug":"rxr-closes-1-5b-manhattan-office-recap","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rxr-closes-1-5b-manhattan-office-recap\/","title":{"rendered":"RXR Closes $1.5B Manhattan Office Recap"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a1dde54ead79&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"800\" data-attachment-id=\"1004773971\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/1211_avenue_americas\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1211_Avenue_Americas\" data-image-description=\"&lt;p&gt;Reuploaded to update watermark to Yardi Matrix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;1211 Avenue of the Americas contains notable tenants like Fox News and News Corp. Image courtesy of Yardi Matrix.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas.jpg?w=640\" alt=\"A photo of 1211 Avenue of the Americas.\" class=\"wp-image-1004773971\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">1211 Avenue of the Americas contains notable tenants like Fox News and News Corp. <em>Image courtesy of Yardi Matrix.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>RXR has obtained $1.45 billion in financing to recapitalize 1211 Avenue of the Americas, the <em>Commercial Observer<\/em> first reported. The nearly 2 million-square-foot skyscraper is the headquarters of Dow Jones, News Corp. and Fox News. <\/p>\n\n\n\n<p>Eastdil Secured advised the company on the transaction and Newmark arranged the financing. <\/p>\n\n\n\n<p>The move comes after RXR <a href=\"https:\/\/www.commercialsearch.com\/news\/rxr-acquires-49-stake-in-nyc-skyscraper\/\">acquired a 49 percent stake<\/a> in the property in January. The firm and co-owner Ivanho\u00e9 Cambridge announced plans at the time to reposition the 45-story tower by updating its plaza and lobby, along with adding additional amenities, conference rooms and a wellness center.<\/p>\n\n\n\n<p>According to the <a href=\"https:\/\/commercialobserver.com\/2025\/10\/rxr-1-45b-recapitalization-1211-avenue-of-americas\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>Commercial Observer<\/em><\/a>, the recapitalization includes a three-year extension of about $1 billion in debt originated by Apollo Global Management. The loan\u2019s new maturity date will be August 2028, after it had been set to mature in August 2025.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/whats-driving-corporate-office-moves\/\">What\u2019s Driving Corporate Office Moves<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The outlet also reported that additional uses of the financing include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>$130 million for tenant improvements for Fox News, leasing commissions and updated bathrooms<\/li>\n\n\n\n<li>$110 million to re-develop vacant space<\/li>\n\n\n\n<li>$61 million for capital improvements<\/li>\n\n\n\n<li>$54 million for enhancements for additional tenants<\/li>\n<\/ul>\n\n\n\n<p>Leasing around Avenue of the Americas has been strong in 2025, according to Andrew Lim, JLL&#8217;s director of New York research. Lim told <em>Commercial Property Executive<\/em> that the neighborhood&#8217;s vacancy rate currently stands below 9 percent\u2014a 2.6 percent decrease year-over-year.<\/p>\n\n\n\n<p>&#8220;We are seeing demand increase as other avenues, especially Park, have filled up,&#8221; Lim said.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rxr-s-gemini-initiative\">RXR\u2019s Gemini initiative<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a1dde54ec778&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"512\" data-attachment-id=\"1004773972\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/1211_avenue_americas_featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas_Featured.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1211_Avenue_Americas_Featured\" data-image-description=\"&lt;p&gt;For featured image. Reuploaded to update watermark to Yardi Matrix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;RXR acquired a 49% of 1211 Avenue of the Americas in January 2025. Image courtesy of Yardi Matrix.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas_Featured.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas_Featured.jpg?w=640\" alt=\"The exterior of the lobby of 1211 Avenue of the Americas, highlighting it as the headquarters of News Corp.\" class=\"wp-image-1004773972\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas_Featured.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1211_Avenue_Americas_Featured.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">RXR acquired a 49% in 1211 Avenue of the Americas in January 2025. <em>Image courtesy of Yardi Matrix.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>RXR\u2019s work at 1211 Avenue of the Americas is part of <a href=\"https:\/\/www.commercialsearch.com\/news\/inside-rxrs-3-5b-office-investment-platform\/\">Gemini Office Ventures<\/a>, a multibillion-dollar investment platform that RXR has been building out alongside partners over the past two years. The venture seeks to acquire (at a post-pandemic discount) and revitalize legacy office buildings in New York City.<\/p>\n\n\n\n<p>In addition to 1211 Avenue of the Americas, Gemini\u2019s initial portfolio also includes 590 Madison Avenue, which includes notable tenants such as Apollo Global Management and LVMH, and The Starrett Lehigh Building, which RXR acquired in 2011 and is partially occupied by Ralph Lauren.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-office-market-updates\">Manhattan office market updates<\/h2>\n\n\n\n<p>Manhattan\u2019s office market continues its post-pandemic rebound, according to a report from Newmark.<\/p>\n\n\n\n<p>The island\u2019s availability rate was 16.0 percent at the end of the third quarter, marking six consecutive quarters of decline in availability, after recording a 19.5 percent figure in the first quarter of 2024. Midtown trophy assets, in particular, outperformed the overall market, with a 4.6 percent direct availability figure.<\/p>\n\n\n\n<p>Average asking rents in Manhattan increased $0.61 per square foot from the previous quarter to $76.10 per square foot. This increase was driven by the Midtown South and downtown submarkets, which have recorded year-over-year rent increases of 4.8 percent and 3.8 percent, respectively.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dow Jones, News Corp. and Fox News are headquartered in the 2 million-square-foot skyscraper.<\/p>\n","protected":false},"author":3810,"featured_media":1004773972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[33565,50999,52181],"class_list":["post-1004773973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-ivanhoe-cambridge","tag-newmark","tag-rxr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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