RXR REALTY ENTERS INTO 99-YEAR LEASE FOR 75 ROCKEFELLER PLAZA
January 24, 2013 – (New York) – RXR Realty (“RXR”), a leading real estate operating and investment company in the New York Tri-State area, has entered into a 99-year lease for the iconic 75 Rockefeller Plaza, located between 51st and 52nd Streets and between 5th and 6th Avenues.
Located in one of New York’s most identifiable locations, 75 Rockefeller Plaza is 33 stories tall and has approximately 630,000 square feet of rentable area. The building is expected to be delivered completely vacant, including retail, in the summer of 2014, so RXR can undertake a comprehensive and transformative redevelopment of the asset and commence a repositioning project. Work is expected to be completed by the third quarter of 2015.
“We are honored to have the opportunity to create a modern classic asset at 75 Rockefeller Plaza,” said Scott Rechler, Chairman and Chief Executive Officer of RXR. “We fully appreciate the historic attributes of the building and neighborhood, but with that in mind, we also are very excited about our opportunity to completely modernize everything inside the building. When renovations are complete it will be the newest, most advanced, LEED Certified building in all of Rockefeller Center.”
Major capital improvements are planned for the property, which are being designed by Kohn Pedersen Fox Associates. While RXR is currently in the preliminary stage for the renovations, plans will include a new lobby and elevator cabs; new mechanical, electrical and plumbing systems – which will include state of the art HVAC systems; reengineered core (including new ADA bathrooms) and building systems on each floor which will allow for 9’ ceiling heights; a complete façade restoration and cleaning; and a redesigned, multi-floor retail opportunity.
75 Rockefeller Plaza is the most recent, and final building, constructed in Rockefeller Center. It was also the first fully air conditioned building in New York City. The building was constructed in 1947 for Standard Oil Company (ESSO) who had run out of space in their Rockefeller Center office.
Cushman & Wakefield represented the landlord in the transaction.
About RXR Realty
RXR Realty LLC (“RXR”) is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR Realty is one of the largest owners, managers, and developers in the Tri-State Area with interests in approximately $5.6 billion of assets, comprised of 106 operating properties containing approximately 18.0 million square feet. For more information about RXR, visit www.rxrrealty.com.