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RXR Takes Control at Defaulted LI Portfolio

UNIONDALE, NY-Thirty-two of the 43 office properties which a CLK/Houlihan-Parnes partnership bought in 2005 are now being managed by RXR.

By Paul Bubny | Updated on April 08, 2010

UNIONDALE, NY-RXR Realty, based here, has assumed control of all leasing, management and construction activities at 32 office properties in an agreement with CLK/Houlihan-Parnes, a partnership that defaulted in late 2009 on nearly $30 million in mezzanine debt held by RXR. The properties in Crossways Office Park comprise about three-quarters of the 2.1-million-square-foot Woodbury office portfolio that the CLK/H-P partnership bought from the Tilles family in 2005 for $335 million. Largest of these is the 71,000-square-foot 145 Crossways Park West.

A spokesman for RXR tells GlobeSt.com he was not aware that an agreement had gone into effect. GlobeSt.com had obtained a copy of an e-mailed memo that CLK/H-P distributed on Thursday announcing the agreement and listing the 32 properties, all in Woodbury, NY.

However, the spokesman confirmed a report in the Wall Street Journal earlier this week which said that RXR was looking to use its mezz-debt position to take full control of the properties, which would increase the square footage of its Long Island holdings by about 40%. Calls to CLK/H-P were not returned by deadline.

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