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Acquisitions

David Werner buys 40 percent stake in 237 Park Avenue

RXR Realty and Walton Street Capital are selling the stake at a $1.25 billion valuation

237 Park Avenue in Midtown (Credit: Convene)

A syndicate led by David Werner has entered into contract to acquire a 40 percent stake in 237 Park Avenue from RXR Realty + Walton Street Capital. The recapitalization deal values the Midtown office building at around $1.25 billion. RXR Realty and Walton are retaining a 60 percent stake in the property, according the Real Estate Alert.

Property details: The office building spans 1.25 million SF, and includes 20,000 SF of ground floor retail space. It occupies the full block stretching from East 45th to East 46th Streets between Park and Lexington Avenues.

Tenants include… New York Presbyterian Hospital (479,000 SF until 2048); J.P. Morgan (255,000 SF until July 2020); and J. Walter Thompson (193,000 SF until 2027). The property is 98 percent leased.

Flashback: RXR + Walton Street paid $825 million for the property in 2013.

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