SL Green, RXR to Buy Stake in NYC’s Worldwide Plaza

The joint venture will become co-owner of the 2 million-square-foot mixed-use property with the acquisition of a 48.7 percent interest from New York REIT. The deal values the trophy asset at more than $1.7 billion.

New York City’s largest office property owner just added some prime square footage to its holdings. SL Green Realty Corp., along with joint venture partner RXR Realty, entered into an agreement to acquire a 48.7 percent interest in Worldwide Plaza, a 2 million-square-foot mixed-use asset in Midtown Manhattan. The partners will purchase the stake from New York REIT in a transaction that values the property at just over $1.7 billion.

“The acquisition of Worldwide Plaza allows us to expand our footprint on Manhattan’s West Side through investing in a Class A asset that is fully leased to institutional tenants,” David Schonbraun, co-chief investment officer with SL Green, said in a prepared statement. Spanning a full block at 825 8th Ave., the Skidmore, Owings & Merrill-designed Worldwide Plaza made its debut in 1989 and comprises a 1.8 million-square-foot office tower standing 49 stories tall, and a 252,000-square-foot retail building featuring such offerings as a five-stage off-Broadway theater and a 475-space parking garage…

SL Green, RXR to Buy Stake in NYC’s Worldwide Plaza


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