RXR Realty has financed its purchase of the Helmsley Building at 230 Park Avenue by closing a $785 million acquisition loan from American International Group.
Meridian Capital Group negotiated the seven-year loan, which will fund Long Island-based RXR’s acquisition of the landmark office tower located just north of Grand Central Terminal.
RXR closed the $1.2 billion deal for the 34-story, 1.4 million-square-foot office tower this week, acquiring the property from a partnership between Monday Properties, Invesco and South Korea’s National Pension Service.
The Helmsley Building is 94 percent occupied, according to the New York Observer, with a tenant base that includes publishing company Reed Elsevier and private equity firm Clarion Partners.
RXR chair and CEO Scott Rechler said this week that the company plans to upgrade the property with new retail and office space in order to boost its value. [NYO] – Rey Mashayekhi