IN-DEPTH: RXR buys 61 Broadway for $351m

RXR Realty has bought 61 Broadway from Broad Street Development and Heyman Properties. Here’s an in-depth look at the deal.

THE DEAL

JLL represented the seller. The sales price is rumored to be approximately $351 million, or $538 per square foot. The new owner bought the property for investment purposes. The deal marks RXR Realty’s entry into lower Manhattan.

THE ASSET

The 33-story, 787,000-square-foot office tower is on the corner of Exchange Place. It was built in 1916.

To date, 61 Broadway is 94 percent occupied. Major tenants include American Lung Association, Pax Clearing Corp., Ingalls & Snyder, Travelers Insurance, and Pinkerton Consulting & Investigations.

Located in the Financial District of lower Manhattan, 61 Broadway was