In 2016, RXR Realty reached a
mile-stone: It closed the largest single-asset
transaction in the company’s history.
hat was the $1.65 billion acquisition
of 1285 Avenue of the Americas from
AXA Financial. Simultaneously, RXR
signed a lease renewal with UBS, which
was nearing lease expiration, to keep its
900,000-square-foot North American
headquarters in the 39-story,
1.8-mil-lion-square-foot oice building. he
renewal “really de-risked the transaction
before we closed,” Scott Rechler said.
It was a banner year for RXR. Rechler
made $3.72 billion of investments
(acqui-sitions, developments and structured
in-vestments) in 2016 compared with $1.88
billion in 2015. But the company closed
on $530.3 million of asset sales and
recap-italizations versus $4.05 billion in 2015.
In 2016, RXR secured $225
mil-lion in financing from PNC Bank to
fund its redevelopment of Pier 57,
commenced construction
on the pier and signed a
250,000-square-foot lease with
Google at the complex.
RXR is also making a name
for itself as a lender. Last year
the irm loaned Extell
Devel-opment Company $463 million
for the construction of three
Manhattan residential and
mixed-use properties. he deal
“was complex and had a lot of
moving pieces,” Rechler said.
Finally, the company broke
ground on about 2,500
mul-tifamily units in Brooklyn and in the
suburbs, Rechler said.
To “augment our team,” Rechler noted,
RXR hired Joanne Minieri, the former
president and chief operating oicer of
Forest City Ratner, as the new executive
vice president and chief operating oicer
of its construction and development
arm. And a month ago, David
Gar-ten started as senior vice president of
infrastructure investment and emerging
submarkets at RXR. He served as chief of
staf to Rechler, while the latter was the
vice chairman at the Port Authority of
New York & New Jersey.
—LAUREN ELKIES SCHRAM
Power 100
4.
SCOTT RECHLER
CHAIRMAN AND CEO OF RXR REALTY
APRIL 26, 2017
This article is provided for informational purposes regarding the commercial real estate environment only in the New York metropolitan area. The publisher of this article is not
affiliated with NorthStar/RXR New York Metro Real Estate (NorthStar/RXR), and NorthStar/RXR made no payment or gave any consideration to the publisher in connection with the
publication of this article.
Mr. Scott Rechler is a member of RXR Realty LLC’s (RXR Realty) leadership team and is not employed by the issuer, NorthStar/RXR. He may face
conflicts of interest relating to his obligation to other RXR Realty affiliated entities. Performance of RXR Realty is not indicative of performance of NorthStar/RXR and an
investment in NorthStar/RXR is not an investment in RXR Realty.
NorthStar/RXR’s investments may be adversely affected by economic cycles and risks inherent to the New York
metropolitan area, especially New York City and to risks inherent in geographic concentrations. Because of this concentration, any adverse situation that disproportionately affects the
New York metropolitan area, including a worsening economy, would have a magnified adverse effect on our portfolio. This is neither an offer to sell nor a solicitation of an offer to buy
securities. An offering is made only by the prospectus.
This material must be read in conjunction with the prospectus in order to fully understand all of the implications and risks
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