Shark Pet
Posted on Sunday, January 8th, 2012 at 8:40 pm |
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Shark Pet
Gamble Pays Off at Starrett-Lehigh (thepoliticker.observer)
A year into owning the Starrett-Lehigh Building, RXR Realty is making what at
first appeared a dicey gamble into an investment that looks closer to a sure
thing.
RXR, led by its chief executive Scott Rechler, acquired the 2.3 million-
square-foot far West Side office building last year for a whopping $900
million, a purchase price that equated to almost $400 per square foot. Though
buildings in Midtown have traded for double that or more on a per square foot
basis in recent months, the sheer magnitude of the investment turned heads as
a jumbo-sized commitment in a neighborhood that many brokers and tenants still
consider off the beaten path.
Starrett-Lehigh Building. (Courtesy Property Shark)
In recent months however, a series of leasing transactions in the building has
put the prominence of its roster of tenants, not to mention the affection they
have for the property, on ample display.
Mr. Rechler said that he began to grasp how tenants saw the property as a core
component of their culture and identity when his firm was bidding on it last
year. He gained the insight while interviewing a principal at the architecture
firm the Bjarke Ingels Group, which ...
Baby Shark Feeding at Polly's Pet Shop