SL Green Realty Corp. and RXR Realty have signed an agreement to acquire a combined 48.7 percent interest in Worldwide Plaza in Midtown Manhattan for $1.725 billion.
The interest is being sold by New York REIT, which will continue to own the remaining equity with WWP Sponsor, its existing partner. The transaction is expected to be completed in the fourth quarter of 2017 subject to customary closing conditions.
Worldwide Plaza, developed in 1989, consists of a 49-story, 1.8 million-square-foot class A office tower, a 252,000-square-foot retail building with a parking garage, and a large open-air plaza. The property is part of a mixed-use development that encompasses an entire block between 49th and 50th streets and between 8th and 9th avenues. The office building serves as the North American headquarters for Nomura Holdings, Inc. and Cravath Swaine and Moore, as well as other high-quality office tenants, including WebMD, WNet.org, the Rubenstein public relations organization and CBS Broadcasting. The retail building features a five-stage off-Broadway theater, a 475-space parking garage and TMPL, a state-of-the-art fitness gym. The complex is 100 percent leased.
