RXR Realty LLC has reported a strong 2012, signing new and returning tenants to leases for more than two million square feet of office space, RXR CEO Scott Rechler announced.
“While it has been a tough year economically for the country and the region, demand continues to grow for the highest quality buildings with stable landlords in submarkets where tenants want to operate,” Rechler said.
“Our success in 2012 in leasing more than two million square feet highlights this. Our portfolio of more than 18 million square feet of high-quality, well-located buildings throughout the New York tri-state area have clearly benefited from this demand.”
RXR leased 870,000 s/f in its New York City properties, with the largest transaction occurring at 450 Lexington Avenue, a 40-story trophy tower RXR acquired in September 2012. There, RXR negotiated a long-term renewal with the law firm Davis Polk & Wardwell LLP for 643,000 square feet.
On Long Island, RXR signed more than 100 new and renewal transactions at its properties, totaling 870,000 s/f of space, with the largest volume at RXR Plaza where more than 225,000 s/f of deals were completed.
The largest single transaction took place at RXR’s Omni at 333 Earle Ovington Boulevard in Uniondale, where Healthplex expanded into an additional 17,000 s/f, giving them a total of approximately 73,000 s/f, and extended their lease term.
Other significant leases signed in RXR buildings in 2012 include Spotify taking 63,000 s/f at 620 Avenue of the Americas; Dentsu McGarry Bowen’s 47,000 s/f at the Starrett-Lehigh Building and; Knoll Inc. lease for 47,000 s/f at 1330 Avenue of the Americas.
On Long Island, Morgan Stanley took 50,000 s/f at RXR Executive Park, 58 South Service Road, Melville, Allstate Insurance took 50,000 s/f at RXR Plaza, Uniondale and; Axa Equitable leased 43,000 s/f at 1000 Woodbury Road.
Prestige Brands leased 43,000 s/f at Tarrytown Corporate Center in Westchester while KPMG leased 52,000 s/f of office sapce at51 JFK Parkway, Short Hills, NJ.