Blackstone is to acquire an around 50% stake in six office buildings owned by RXR Realty, the two companies said.
The properties that make up the 5.3m square-foot, $4b portfolio are the Starrett-Lehigh building, three addresses on Avenue of the Americas and one on Madison Avenue – all on Manhattan – and University Square Campus near Princeton, New Jersey.
RXR will continue to operate the properties. Its chairman and chief executive officer, Scott Rechler, said the sale would allow the company to “harvest value” from the properties, and give it the chance “to invest in new opportunities to create value.”
