This is all speculation. If a company like Blackstone, Jeffries, or Morgan Stanley anchors this, they will want their HQ in an iconic tower.
This is NY, not a dying city like Chicago or SF.
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Hi Robert, Can you post the link, or describe what the article says in a sentence or two?
Hi, Streetscaper. I was hoping that someone else could. I’ve reached my free limit for the Real Deal. I suspect that he addresses 175 Park. I was hoping that someone else could post it.
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JUNE 26, 2023 AT 2:30 PM
Isabella Farr
Over the last few months, RXR Realty CEO Scott Rechler has been working on what he calls “Project Kodak” — a strategy of separating older, obsolete office buildings from a younger product that can still pull the tenants and rents to thrive.
“It’s really more now like a trifurcation,” Rechler said on the latest episode of TRD ’s podcast Deconstruct. “There’s the Class A, brand new buildings, which are still doing $150-200 a foot in rents. There’s the competitively obsolete buildings that you really can’t rent. And then there’s everything in between.”
TRD ’s Deconstruct chatted with Rechler about the distress office owners are seeing in the market, whether the Fed’s recent rate pause will lift the gates on investment sales and why he’s pegged multifamily as the next shoe to drop.
“This is going to be the Achilles heel of this commercial real estate downturn,” he said of the multifamily market. “Everyone’s focused on the office because it’s sexy, it’s big cities. There’s been a record level of multifamily investments made in 2021. All these loans were done in that low to no interest rate paradigm.”
Rechler also discussed the benefits of running a non-traded company, compared to a public real estate investment trust at a time when REITs are struggling with dipping stock prices. The FTSE Nareit stock index, a benchmark for the performance of U.S. REITs, is down roughly 14 percent over the past year, compared to the S&P 500’s 11 percent return.
Looks like the article pulls from a 45 minute podcast.
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Thanks!
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Good news…
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This is great so far 
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I believe that RXR is publicly-traded. They can’t make statements in newspapers about vast interest in this tower unless it’s true. I have no reason to doubt them. Jeffries and Bloomberg are two more potential anchors.
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Does it really make sense for Bloomberg to leave 731 Lexington Ave since they already anchor that, unless they’ve mentioned they’re looking to move?
It will be about 30 years old if they moved in 2029, and the area isn’t nearly as nice or as convenient as the GCT area.
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I mean it’ll only be 25 years, but their space at Lexington Ave was specifically tailored/built for them, all 900,000 sqft, I’m not sure if it would be so here since this tower is not being anchored by one specific tenant, atleast that’s what I’ve been under the impression this whole time. So it can’t be designed for one specific tenant and has been designed for multiple tenants.
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this tower will be amazing and NY best landmark.
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“Across Manhattan, developers are forging ahead with earlier projects (filed before the time period covered by this ranking), including RXR’s 1,600-foot-tall tower at 175 Park Avenue that is slated to offer more than 2 million square feet of office space along with 500 hotel rooms, as well as Boston Properties’ nearly 1 million square foot office tower on the site of the MTA’s former headquarters….
The occupancy rates around the Plaza District, particularly Park Avenue, are very, very strong,” said Hilary Spann, an executive with Boston Properties’ New York division, which placed fifth on the ranking thanks to its largest project at 343 Madison Avenue, just north of SL Green’s One Vanderbilt.”
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hopefully this colossus rises soon…
2029
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This tower is an absolute monster. The crown evokes the glory and power of early 20th century NYC.
Only in the capital of the world could something like this rise.
This is 500+ feet taller than the Chrysler Building, which is one of the 2 best buildings ever constructed.
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This is like the ICC in Hong Kong, but it has a much more luxurious crown.
This is like the Chrysler Building of the 21st century.
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I agree, Lion. This is iconic.
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